Belmond Ltd. acquired the Castello di Casole luxury resort and estate in Tuscany, Italy, through a roughly €39 million deal to buy the entire equity capital of two entities that own the property.
The company could pay an additional sum of around €2.9 million contingent upon certain real estate sales being realized, according to a release.
The 1,500-hectare property houses a 39-room hotel, vineyards and olive groves, as well as 48 residential plots, of which 16 remain for sale.
Belmond plans to rebrand the property as Belmond Castello di Casole and spend €7.3 million on a refurbishment that will include the addition of two villas on two residential plots. Over the coming years, the hotelier plans to sell the 14 remaining land plots, including three that are subject to reservation letters of intent to purchase.
The company used cash on hand to finance the acquisition.
