Belmond sold to French luxury goods giant for £2bn

By Sophie Witts contact

- Last updated on GMT

Belmond Le Manoir aux Quat’Saisons in Oxford
Belmond Le Manoir aux Quat’Saisons in Oxford
The Belmond hotel group has been sold to French luxury goods giant Moët Hennessy Louis Vuitton (LVMH) for over £2bn.

LVMH said today it would pay $25 a share for Belmond, which owns two-Michelin-starred Belmond Le Manoir aux Quat’Saisons in Oxford.

This represents an equity value of $2.6bn (£2.06bn), but LVMH put the enterprise value, including debt, at $3.2bn (£3.52bn).

The transaction is expected to complete in the first half of 2019 subject to the approval of Belmond’s shareholders and clearance by competition authorities.

Belmond, formerly Orient Express hotels, operates 46 hotels, restaurants, and train and river cruise experiences worldwide.

LVMH's portfolio includes Dom Pérignon champagne and the Christian Dior and Givenchy fashion brands. It also owns the Cheval Blanc luxury hotel group, which operates ski resort Courchevel in the Alps.  

The deal comes after Belmond announced it was exploring a sale of its entire company in August.

“[This] transaction with LVMH provides compelling and certain value for our shareholders as well as an exciting path forward with a group that appreciates Belmond’s irreplaceable assets and strong management team,” says Roland Hernandez, chairman of the board of directors of Belmond.

Belmond is set to open its first London property, The Belmond Cadogan Hotel, in February 2019 with Adam Handling as chef patron.

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