Worldwide: Mexican company Palace Resorts has become the majority shareholder of Cogeta Spa, the holding company of Baglioni Hotels & Resorts.
Palace Resorts has acquired 75 per cent of Cogeta Spa, although the value of the transaction has not been disclosed.
The deal will allow Baglioni to expand its footprint in the Americas and the Caribbean, which represents 70 per cent of Palace Resorts’ business. It will also see Palace Resorts gain an operating partner in Europe, setting the scene for future expansion across EMEA.
Guido Polito, CEO of Baglioni, will remain in his position. He said: “I am honoured that the Chapur family has recognised Baglioni Hotels & Resorts as the primary luxury European brand seeing 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.
Gibran Chapur, EVP of Palace Resorts, added: “It is such an honour 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 kindness and great execution ability of its staff 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 guests’ experience.
“We will grow our investments in Europe, Asia and the Middle East with the very much capable team of professionals that work at Baglioni by 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.”
Last year, the Reuben brothers entered into a strategic partnership with Baglioni Hotels & Resorts to roll out the brand worldwide. The brand currently has a presence in Rome, Florence, Milan, Venice, Sardinia, Apulia, London and the Maldives.