MILAN — The LVMH Moët Hennessy Louis Vuitton-owned Belmond hospitality division has nabbed a new storied property in Italy, as high-net-worth consumers continue to splurge on travel in the aftermath of the pandemic.
The company said it has entered into an agreement to take over Castello di Urio, a 16th-century estate along the shores of Lake Como, north of Milan.
Belmond did not provide financial details of the transation, which is expected to close in 2024. It also did not disclose its plans for the property, which is likely to be converted into an hospitality venue, building on the network of 10 properties Belmond already boasts in Italy, including Caruso and Villa Margherita on the Amalfi Coast; the Cipriani Hotel in Venice and Splendido in Portofino; the Grand Hotel Timeo and Villa Sant’Andrea in Taormina, as well as Villa San Michele in Florence, among others.
Located in Carate Urio, Italy, some 37 miles north of Milan, the castle nestled amid a sprawling 1.9-hectare estate and facing a 590-foot shoreline is being acquired from its most recent owner, the Catholic Church institution Opus Dei. It was originally an aristocratic residence filled with sculptures, picture-perfect gardens and direct lakeside access.
Belmond became part of the LVMH stable in 2019 in a deal pegged at $2.6 billion. Founded in 1976, it is prized for its fleet of 47 marquee properties in a range of standout destinations across 28 countries and territories.
LVMH, with a vast stable of high-end brands, had built up experience in the hospitality sector with its Cheval Blanc properties in Courchevel, St. Barths, the Maldives and Saint-Tropez, as well as Bulgari hotels.
As reported, last June, the luxury juggernaut promoted Dan Ruff, who had been chief operations officer of Belmond since 2018, to the chief executive officer role, succeeding Roeland Vos, who had been in the post since 2015 and steered Belmond through its acquisition by LVMH.