BELMOND LTD. (NYSE:BEL) Files An 8-K Other EventsITEM 8.01.Other Events
On February 8, 2018, Belmond Ltd. (the "Company") announced that through indirect subsidiaries it has acquired the Castello di Casole resort and estate in Tuscany, Italy, for approximately €39 million ($48 million), including transaction costs, with a possible further €2.85 million ($3.5 million) payable contingent upon certain real estate sales being realized. The acquisition has been financed using cash on hand. Upon takeover of management, the Company will rebrand the resort as Belmond Castello di Casole.
The resort and estate comprise the 39-key Castello di Casole hotel, together with 48 residential plots, of which 16 remain for sale, with three subject to non-binding reservation letters of intent to purchase. Starting in 2018, the Company expects to invest €7.3 million ($9.0 million) in a phased refurbishment of the hotel over four years, including the addition of two new villas on two residential plots that will be retained, bringing the resort’s total key count to 41. In addition, the Company expects to sell the remaining 14 land plots, including the three that are subject to reservation letters, over the coming years, effectively reducing the Company's net investment in the estate.
A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.
ITEM 9.01.Financial Statements and Exhibits
Press release dated February 8, 2018.
Belmond Ltd. ExhibitEX-99 2 bel-ex99_20180207x8k.htm EXHIBIT 99 Exhibit Exhibit 99 Contacts: Martin O’Grady James CostinExecutive Vice President,…To view the full exhibit click
About BELMOND LTD. (NYSE:BEL)
Belmond Ltd. is a global collection of hotel and luxury travel adventures operating in various destinations worldwide. Operated and marketed under the Belmond brand (belmond.com), the Company’s collection embraces 47 hotel, river cruise, safari and luxury rail businesses in 23 countries. From city landmarks to intimate resorts, the collection includes 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, seven luxury tourist trains, including the Venice Simplon-Orient-Express, and three river cruises. Belmond also owns and operates the standalone restaurant ’21’ Club in New York.