Bernard Arnault, Chairman and Chief Executive Officer of LVMH Moët Hennessy Louis Vuitton, announced that LVMH and Belmond Ltd., owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties, have entered into an agreement for LVMH to acquire Belmond.

LVMH, the world’s largest luxury goods company, will take over Belmond in a deal valued at $2.6 billion. The transaction is expected to complete in the first half of 2019.

Established over 40 years ago with the acquisition of Hotel Cipriani in Venice, Belmond owns and operates a global collection of exceptional hotel and luxury travel adventures in some of the world’s most inspiring destinations in 24 countries.

Belmond’s iconic properties include hotels like Hotel Cipriani in Venice, Hotel Splendido in Portofino, Copacabana Palace in Rio de Janeiro and Grand Hotel Europe in St. Petersburg. We recall that in 2015 Belmond sold its stake in historic Hotel Ritz Madrid, which will be reopened in 2019 by Mandarin Oriental Hotel Group.

France's LVMH already has hotels in its portfolio, including Cheval Blanc and Bvlgari hotel chains.

“This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world,” said Bernard Arnault. “Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the most desirable destinations. Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the Group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities,” added CEO of LVMH.