TUSCANY, ITALY—Belmond Ltd. has acquired Castello di Casole, a luxury resort and estate here.
The company purchased from the current owner the entire equity capital of two entities that together own Castello di Casole, one of the largest private real estate properties in Tuscany. The purchase price, including transaction costs, is approximately $48 million (€39 million) with a possible further $3.5 million (€2.85 million) payable contingent upon certain real estate sales being realized.
The property is the latest addition to Belmond’s family of Italian Icons, which includes Belmond Hotel Cipriani in Venice and Belmond Hotel Splendido in Portofino.
The acquisition has been financed using cash on hand. Upon takeover of management, Belmond will rebrand the resort as Belmond Castello di Casole.