Arnault expands hotel range

Rumour has it that for some time Bernard Arnault has been looking for Barolo vineyards to buy in Piedmont, a very small area where one hectare now costs 4 million euros.

And while trying to expand the wine business, the ceo of Lvmh is buying private residences and hotels. The latest is the luxury hotel Cap Estel, in Èze on the French Riviera. According to various sources, the transaction took place through the holding company Groupe Agache. The amount paid out could be around EUR 200 million.

Intimate and discreet, the hotel has 20 suites and rooms, gardens, a spa and a gourmet restaurant. Built in 1899 by Irish writer Franck Harris, a friend of Oscar Wilde, the hotel has welcomed a prestigious clientele over the years. Over the years the property has changed hands, from aristocrats to artists and industrialists.

With this acquisition, Arnault shows his appetite for the hospitality world. The group is expanding after the acquisition of Belmond a few years ago. In Italy, it acquired the Castello di Urio on the shores of Lake Como a few months ago.