LVMH acquires Belmond hotel group
Louis Vuitton Moët Hennessy is going to acquire the luxury hotel group Belmond and the Orient Express service for US$3 billion.
As well as hotels in Rio di Janeiro and Venice, LVMH will acquire the group’s luxury cruise and train services as well.
Belmond operates 46 properties around the world including Le Manoir Aux Quat’Saisons in Oxfordshire and will open its first London hotel in Chelsea next year.
In addition to hotels, Belmond has various assets in luxury travel, most notably the famous Venice Simplon ‘Orient Express’.
Although LVMH has some assets in the hotel business this is a major boost to that part of its portfolio and provides an ideal distribution outlet for its wine and spirits brands.
LVMH, CEO Bernard Arnault said: “Belmond delivers unique experiences to discerning travellers and owns a number of exceptional assets in the most desirable destinations.
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“Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities.
“This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.”
The transaction is expected to be complete in the first half of 2019 following shareholder and competition authority approval.
Wow, as if LVMH was not detestable as a company already