'Belmond acquires Lake Como estate'

The Italian division of Belmond, owned by LVMH Moët Hennessy Louis Vuitton, has acquired a new luxury property, Castello di Urio, located on the shores of Lake Como, north of Milan. The acquisition comes amid a continued increase in high-net-worth individuals traveling in the wake of the pandemic.

Belmond did not disclose financial details of the deal, but it is expected to be completed in 2024. The company is also not disclosing its plans for the property, but it is likely the castle will be converted into a hotel, expanding Belmond's network of 10 existing properties in Italy, including the Caruso and Villa Margherita on the Amalfi Coast, Hotel Cipriani in Venice and Hotel Splendido in Portofino, Grand Hotel Timeo and Villa Sant'\''Andrea in Taormina, and'''Villa San Michele in Florence.

The Castello di Urio castle

The castle, located in Carate Urio, 37 miles north of Milan, occupies a sprawling 1.9 hectares of land and has a 590-foot-long private shore. It is being acquired from its last owner, the Catholic church institution Opus Dei. The castle was originally an aristocratic residence with sculptures, beautiful gardens and direct access to the lake.

Belmond and LVMH

Belmond became part of LVMH in 2019 in a deal valued at $2.6 billion.

In June last year, Dan Ruff was appointed to lead Belmond, having served as chief operating officer since 2018. He replaced Roeland Vos, who had held the position since 2015 and led Belmond during its acquisition by LVMH.