by Donald Wood
Last updated: 8:17 AM ET, Fri November 11, 2022
Palace Resorts announced the acquisition of Baglioni Hotels & Resorts, the leading Italian hotel company, present in Rome, Florence, Milan, Venice, Sardinia, Apulia, London and the Maldives.
As part of the agreement, Guido Polito will remain Baglioni's CEO and continue expanding the company's brands through Europe, Asia and the Middle East.
"I am honored 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," Polito said.
The deal allows Baglioni to further develop in the United States market, which represents 70 percent of Palace's business. The partnership will help the company reach the over 75,000 Palace Elite Vacation Club Members who rate the Maldives and Italy as two of their dream destinations.
"Remaining CEO of the group will allow me to continue, together with 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," Polito continued.
Palace will also add a luxury European brand to its current portfolio, while also gaining an experienced team to manage future hotels, resorts and real estate investments in Europe, Asia and the Middle East.
With the Baglioni name, Palace will bring the recognized 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.
"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," Palace Executive Vice President Gibran Chapur said.
For the latest travel news, updates and deals, be sure to subscribe to the daily TravelPulse newsletter here.
Topics From This Article to Explore
