Belmond announced its acquisition of Castello di Casole, a Tuscan luxury resort, for $48 million. The property is one of several recent Italian purchases. The resort, which consists of a hotel, vineyards, olive groves, Tuscan countryside acreage and 48 residential plots, takes the name Belmond Castello di Casole. The award-winning property additionally boasts architecture from the 10th century and was once owned by Italian cinematographer Luchino Visconti.

Roeland Vos, president and chief executive officer, Belmond, commented, “I am delighted to announce the addition of the stunning and historic Castello di Casole to the Belmond portfolio. The Belmond brand continues to gain momentum and this acquisition marks the latest step in our journey towards realizing our strategic growth plan. The expansion of our global footprint is a central component of our strategy to double the company’s EBITDA by 2020. Castello di Casole complements our existing Italian portfolio of iconic hotels in Italy, with many of our discerning guests already traveling from Belmond Villa San Michele in Florence to this authentic rural hideaway in Tuscany.”

After the planned $9 million investment in refurbishment over four years, the Belmond Castello di Casole should offer spacious luxury accommodations inspired by the surrounding Tuscan region, unique guest experiences such as truffle hunting and vineyard hiking, a vaulted wine cellar, a spa and more. The expansion includes two new villas.

“Our brand has long been known for its timeless products in inspiring locations. We believe this stunning castle steeped in Etruscan history presents a compelling opportunity to build on our past experience of acquiring distinctive properties and showcasing their iconic status through strategic investment, helping to drive greater revenue, EBITDA and brand exposure. When you enter any one of our hotels, or step on board a Belmond train or cruise, you know it belongs to our family because it has a soul. Without doubt, Castello di Casole has that individual essence. It has a rich and glamorous heritage making it a natural fit for the Belmond portfolio. We are delighted to bring Castello di Casole under the Belmond umbrella in 2018,” added Vos.