Belmond shares up as luxury company moots sale
Belmond has appointed Goldman Sachs and JP Morgan as financial advisors with a view to a possible sale.
In a statement earlier, the luxury group said it was exploring “strategic alternatives to enhance shareholder value”.
Weil and Gotshal & Manges were appointed as legal advisor to help carry out a review.
Belmond is a global collection of hotel and luxury travel adventures.
Established more than 40 years ago with the acquisition of Belmond Hotel Cipriani in Venice, the company owns and operates 47 unique and distinctive hotel, rail and river cruises.
These include Belmond Grand Hotel Europe, St. Petersburg, Belmond Copacabana Palace, Rio de Janeiro, Belmond Maroma Resort & Spa, Riviera Maya, and Belmond El Encanto, Santa Barbara.
Belmond also encompasses safaris, eight luxury tourist trains including the Venice Simplon-Orient-Express, three river cruises and ‘21’, one of New York’s most storied restaurants.
Roland Hernandez, chairman of Belmond, said: “We have made meaningful progress toward our long-term strategic goals, including growing earnings, increasing brand awareness, and expanding our global footprint.
“We believe that now is the right time to conduct a strategic review process in order to enhance value for shareholders, given Belmond’s truly exceptional and unique collection of iconic owned properties and strong fundamentals in our markets around the world.”
Shares in Belmond rose by 35 per cent following release of the news.