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Lvmh bought the Belmond luxury hotels

14 December, Pambiaco News

Lvmh is investing in hospitality. The French multinational announced the acquisition of the British luxury hotel chain Belmond for 2.6 billion dollars in order to strengthen its presence in the hospitality sector. The British brand includes 46 luxury hotels worldwide (including the hotels Cipriani in Venice and Splendido in Portofino), as well as trains and cruise ships.

Lvmh will acquire Belmond for 25 dollars in cash for each class A share, for shares amounting in total to 2.6 billion and enterprise value for 3.2 billion.

In the last 12 months till September, Belmond reported profits for 572 million dollars and an adjusted EBITDA for 140 million. The closing of the transaction is expected by the first half of 2019 once got the green light from the Belmond shareholders and from the Antitrust Authority.

Lvmh currently owns the brand Cheval Blanc and some Bulgari hospitality assets which, as the official memo reads, “will perfectly combine with Belmond”.

Source: Pambiaco News

Translator: Cristina Ambrosi