Baglioni has a presence in Rome, Florence, Milan, Venice, Sardinia, Apulia, London and the Maldives, and in a statement the brands said the agreement would see “new profitable openings in Italy and Europe through direct acquisition from the real estate division of Palace Resorts.” 

The agreement is also expected to help Baglioni grow its customer base in the US, which generates 70% of Palace Resorts’ business. Baglioni will also be able to access more than 75,000 Palace Elite Vacation Club members, who rate the Maldives and Italy as their top two “dream destinations”. Additional benefits for Baglioni are expected to include an improvement in efficiency and a drop in operational costs. 

Palace Resorts is owned by the Chapur family and has acquired a 75% stake in Cogeta Spa. Baglioni’s chief executive Guido Polito will remain in his post, and he said: “I am honoured that the Chapur family has recognised Baglioni Hotels & Resorts as the primary luxury European brand, seeing the potential that we still have for further developments in Italy and in other key international destinations.”

In a statement the brands said: “Palace Resorts adds a luxury European brand to its current portfolio, gaining also an experienced and professional management team to handle future hotels, resorts and real estate investments in Europe, Asia and the Middle East.

"At the same time, Palace Resorts will bring to the Americas and the Caribbean the recognised Italian brand to diversify the product offering for [Palace Resort’s] members and clients in the destinations in which [Baglioni] are already leaders in the market.”