Mexico’s Palace Resorts has acquired Italian hotel group Baglioni Hotels & Resorts, which operates several properties in European cities.
The deal will see Guido Polito continue as Baglioni’s CEO to lead the company’s expansion in Europe, Asia and the Middle East.
Baglioni operates upmarket hotels in London, Venice, Florence and Rome, which will be joined by Casa Baglioni Milan in January 2023. It also has resorts in Sardinia, Puglia and the Maldives.
Gibran Chapur, Palace Resorts’ executive vice president, said the Baglioni acquisition would give the company “global reach”.
“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 the guests’ experience,” added Chapur.
“We will grow our investments in Europe, Asia and the Middle East with the very capable team of professionals who work at Baglioni.”
Polito, who has been Baglioni’s CEO since 2011, added that the deal showed that Palace Resorts has “identified the potential that we still have for further developments in Italy and in other key international destinations”.