LVMH TO ACQUIRE LUXURY HOTEL AND LEISURE COMPANY BELMOND
French luxury goods conglomerate LVMH, owner of numerous global brands including Louis Vuitton, Christian Dior, Moët & Chandon and TAG Heuer, has entered an agreement to acquire London-based luxury hotel and leisure company Belmond. The reported price of $3.2 billion including debt, reflects a value of $2.6 billion for the overall equity of the group. In the year to September, Belmond reported adjusted earnings before interest, tax, depreciation and amortisation of $140 million from revenues of $572 million. The transaction is expected to complete in the first half of 2019. The acquisition of Belmond’s 46 luxury properties in 24 countries will complement LVMH’s Cheval Blanc and Bvlgari hotel brands. Previously known as Orient-Express Hotels, Belmond also sells high-end train travel, river cruises, safari and restaurant experiences.