MILAN — The LVMH Moët Hennessy Louis Vuitton-owned Belmond hospitality division has nabbed a brand new storied property in Italy, as high-net-worth shoppers proceed to splurge on journey within the aftermath of the pandemic.
The corporate stated it has entered into an settlement to take over Castello di Urio, a Sixteenth-century property alongside the shores of Lake Como, north of Milan.
Belmond didn’t present monetary particulars of the transation, which is anticipated to shut in 2024. It additionally didn’t disclose its plans for the property, which is more likely to be transformed into an hospitality venue, constructing on the community of 10 properties Belmond already boasts in Italy, together with Caruso and Villa Margherita on the Amalfi Coast; the Cipriani Lodge in Venice and Splendido in Portofino; the Grand Lodge Timeo and Villa Sant’Andrea in Taormina, in addition to Villa San Michele in Florence, amongst others.
Situated in Carate Urio, Italy, some 37 miles north of Milan, the fortress nestled amid a sprawling 1.9-hectare property and dealing with a 590-foot shoreline is being acquired from its most up-to-date proprietor, the Catholic Church establishment Opus Dei. It was initially an aristocratic residence crammed with sculptures, picture-perfect gardens and direct lakeside entry.
Belmond grew to become a part of the LVMH steady in 2019 in a deal pegged at $2.6 billion. Based in 1976, it’s prized for its fleet of 47 marquee properties in a spread of standout locations throughout 28 nations and territories.
LVMH, with an unlimited steady of high-end manufacturers, had constructed up expertise within the hospitality sector with its Cheval Blanc properties in Courchevel, St. Barths, the Maldives and Saint-Tropez, in addition to Bulgari lodges.
As reported, final June, the posh juggernaut promoted Dan Ruff, who had been chief operations officer of Belmond since 2018, to the chief government officer function, succeeding Roeland Vos, who had been within the submit since 2015 and steered Belmond via its acquisition by LVMH.