Baglioni Hotels & Resorts has announced a strategic financial partnership with the Mexican company Palace Resorts. This initiative includes Palace Resorts becoming the majority shareholder of Cogeta Spa—holding company of Baglioni Hotels & Resorts—acquiring 75 percent of the company.
Guido Polito will remain CEO of the Italian group to lead the expansion of the company’s brands through Europe, Asia and the Middle East. This agreement brings mutual beneficial advantages allowing Baglioni Hotels & Resorts to further expand in the U.S. market, which represents 70 percent of Palace Resorts’ business. Additional benefits for the Baglioni collection will be efficiency improvement and new, profitable openings in Italy and Europe through direct acquisition from the real estate division of Palace Resorts.
As part of the agreement, Palace Resorts will bring to the Americas and the Caribbean the recognized Italian brand to diversify the product offering for its members and clients.
“It is such an honor for us, the Chapur family, to take our company to a global reach through Baglioni Hotels & Resorts,” said Gibran Chapur, executive vice president, Palace Resorts. "We invested in this great Italian collection for many reasons, starting with the kindness and great execution ability of its staff in and out of the hotels, and it will be a pleasure to keep collaborating with our new partner and CEO, Guido Polito, who has taken the group to worldwide recognition with the Italian spirit in every detail of guests’ experience. We will grow our investments in Europe, Asia and the Middle East with the very much capable team of professionals that work at Baglioni by taking also the Le Blanc and Moon Palace brands to this side of the world. This acquisition will also allow our Vacation Club members to Travel to our new properties around the globe."
For more information, visit www.baglionihotels.com.
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