Hotel and leisure group Belmond has acquired the prestigious Castello di Casole in Italy's Tuscany region from the German bad bank Erste Abwicklungsanstalt (EAA) for €39 mln.
Located in the Tuscan hills, near Florence and Siena, the resort has been in existence since the 10th century. The luxury hotel has 39 rooms and is set between 1500 hectares of farmland, vineyards and olive groves. The estate is also used for 49 luxury villas and it is one of the largest private estates in Italy.
'Castello di Casole combines culture, nature and wellbeing to create memorable travel experiences,’ said Roeland Vos, President and Chief Executive Officer of Belmond.
Over the next four years, Belmond expects to invest €7.3 mln in a phased refurbishment of the hotel. This includes the addition of two new villas.
Colliers International has accompanied and structured the transaction. 'Belmond is a leading hotel operator in the luxury segment and the perfect fit for Castello di Casole. I am proud that our hotel team brought these two parties together,' added Colliers International's head of EMEA hotels Dirk Bakker.
