Mexico’s Palace Resorts Acquires Italy-Based Baglioni Hotels & Resorts
Main Photo: The Grand Hotel Baglioni Florence, one of the seven Baglioni hotels in the deal, with Milan opening 2023
Date: November 2022
Name: Palace Resorts and Baglioni Hotels & Resorts
Locations: Mexico, Caribbean, USA, Italy, Maldives, London
Number of Keys: Palace: 5,614; Baglioni: 532
Seller: Baglioni and it’s parent company, Cogeta Spa. In February 2021, the Reuben Brothers bought the Baglioni Hotel Luna in Venice for around €100m
Buyer: Mexican hotel and resort firm Palace Resorts, which is owned by the Chapur family, with nine properties
Palace Resorts, has acquired Baglioni Hotels & Resorts, a leading Italian hotel company, present in Rome, Florence, Milan, Venice, Sardinia, Apulia, London and the Maldives.
Guido Polito will remain CEO of the Italian group to continue the expansion of the company’s brands through Europe, Asia and the Middle East. This agreement brings mutual beneficial advantages, allowing Baglioni Hotels & Resorts to further develop in the US market, which represents 70% of Palace Resorts business, and also reach the 75,000+ Palace Elite Vacation Club Members who rate the Maldives and Italy as their top two dream destinations.
On the other hand, Palace Resorts adds a luxury European brand to its current portfolio, while also gaining an experienced and professional team to manage future hotels, resorts, and real estate investments in Europe, Asia and the Middle East. Furthermore, Palace Resorts will bring the recognised Italian Brand to the Americas and the Caribbean to diversify the product offering for their members and clients in destinations where they are already leaders in the market.
“It is such an honor for us, the Chapur Family, to take our Company to a global reach through Baglioni Hotels & Resorts. We invested in this great Italian Collection for many reasons, starting with the ability of it’s staff both in and out of the hotels, and it will be a pleasure to keep collaborating with our new partner and CEO, Guido Polito, who has taken the Group to worldwide recognition with the Italian spirit in every detail of the guests’ experience. We will grow our investments in Europe, Asia and the Middle East with the very capable team of professionals who work at Baglioni, by also taking the Le Blanc and Moon Palace brands to this side of the world. This acquisition will also allow our Vacation Club members to travel to our new properties around the globe.” – declared Gibran Chapur, Executive Vice President.
“I am honoured that the Chapur family has recognized Baglioni Hotels & Resorts as the primary luxury European brand, and identified the potential that we still have for further developments in Italy and in other key international destinations. Remaining CEO of the group will allow me to continue, together with Mr Giuliano Rocchi, Vice President, and all the management team, to take forward the work that my father Roberto Polito and I have passionately done over the years, making Baglioni the most renowned and respectful Italian luxury hospitality brand.” – said Guido Polito, CEO since 2011.
Price: Undisclosed
THPT Comment: Seems like a good fit…Roberto Polito bought his first hotel, in Tuscany and 1974 and has built the company up to be recognised as one the luxury Italian hotel groups… Great fit for Palace Resorts, started by the Chapur family in 1992 and expanded outside of Mexico in 2014 (Ocho Rios, Jamaica)
First Seen: Palace Resorts press release
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