Palace Resorts recently announced the acquisition of 100% of Baglioni Hotels & Resorts. In the bulletin dated 15.11.2022, we reported the acquisition of 75% of the Italian hotel group by the Mexican Group. According to the statement made by the Baglioni Group last year, it was a strategic financial partnership that involved the acquisition of 75% of Cogeta Spa, the holding company of Baglioni Hotels & Resorts. The transaction was carried out through a partial sale of shares and a capital increase. With this deal, Baglioni gained access to the US market, which constitutes 70% of Palace Resorts’ business.
In recent weeks, it was already announced that Guido Polito was stepping down from the CEO position, which he had held since 2011, and Massimo Baldo took on the role of Vice President Europe at Palace Resorts.
The group’s goal is to continue searching for existing or repositionable assets in the luxury segment in all major high-end Italian destinations, such as the Amalfi Coast, Lake Como, or major art cities. The group’s product and revenue targets will also remain unchanged. Following the expansion of Baglioni Hotels in late 2022, with the addition of luxury properties in Rome, Florence, Milan, Venice, Sardinia, Apulia, London, and the Maldives, Palace Resorts plans for further global development of the brand.
The latest news from Baglioni involves the opening of a new 5-star, 58-key hotel in Forte dei Marmi, Baglioni Paradiso Al Mare, scheduled for 2026.