Luxury Hospitality Company Belmond Explores Sale

Belmond Ltd. announced that it is considering a sale as it reviews “strategic alternatives to enhance shareholder value.”

The hospitality company operates famed properties, including the Belmond Hotel Cipriani in Venice, the Belmond Copacabana Palace in Rio de Janeiro, and the 21 Club restaurant in New York. Overall, its portfolio has 46 luxury hotels, restaurants, river cruises, and train services (including the luxury Venice-Simplon Orient Express).

“We are conducting a robust review of the full range of strategic, operational and financial alternatives available to the company, including a possible sale,” said Roland Hernandez, chairman of the board of directors. 

“We have made meaningful progress toward our long-term strategic goals, including growing earnings, increasing brand awareness, and expanding our global footprint. We believe that now is the right time to conduct a strategic review process in order to enhance value for shareholders, given Belmond’s truly exceptional and unique collection of iconic, owned properties and strong fundamentals in our markets around the world.”

The board engaged Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as financial advisers and Weil Gotshal & Manges LLP as legal adviser.

Belmond also reported its second-quarter earnings; the company’s net loss narrowed to $1.5 million, compared with $4.9 million during the second quarter of last year.