14 December 2018 10:57 AM HotelNewsNow.com By Terence Baker
tbaker@hotelnewsnow.com
@terencebakerhnn

The Belmond brand of 34 hotels, along with other hospitality and travel assets, has been sold to LVMH Moët Hennessy Louis Vuitton, a company keen on expanding into the luxury hotel market and diversifying its luxury portfolio.
貝爾蒙酒店暨運輸集團旗下34間酒店連同其他旅館及旅遊資產全數被酩悅軒尼詩路易威登集團(LVMH)所收購。LVMH集團亟力想擴大自家的奢華酒店市場版圖，並讓原本的奢侈品事業更多角化經營。

Belmond’s sale to luxury goods producer LVMH will not see an immediate expansion of real estate or properties, rather a focus on management, branding and CapEx. Included in its 34-hotel portfolio is the 122-room Belmond Hotel Monasterio in Cusco, Peru. (Photo: Belmond)(貝爾蒙集團為奢侈品生產商LVMH集團所收購，但並不會有物業方面的立即擴張計劃，而是聚焦在酒店管理、品牌定位及資本支出上。圖為貝爾蒙酒店34個據點之一，位於祕魯庫斯科市的貝爾蒙Monasterio酒店 / 圖片來源：貝爾蒙酒店官網)

GLOBAL REPORT—LVMH Moët Hennessy Louis Vuitton SE has agreed to buy hotel and travel company Belmond for $25 per share, representing an equity value of $2.6 billion and an enterprise value, with debt, of $3.2 billion.
全球報導—酩悅軒尼詩路易威登集團(LVMH)已同意以每股25美金的價格收購貝爾蒙酒店暨旅遊集團，意指股權價值為26億美金，而企業價值連同負債為32億美金。

Executives and analysts say Belmond was attractive to the Paris-based luxury goods company as much for its experience and know-how as it was for its hotel and travel assets.
高層經理人及分析師表示，貝爾蒙酒店集團對於這個法國奢侈品集團是很有吸引力的，不光是在酒店管理上的經驗與技術能力，而且在酒店及旅運的資產方面也是相當誘人的。

東方快車的用餐車廂 (圖片來源： Planetrail.co.uk )

Expect synergies between LVMH’s luxury products and Belmond’s luxury hotels, said Jean-Jacques Guiony, CFO at LVMH.
LVMH集團的財務長Jean-Jacques Guiony表示，期待LVMH的奢侈品與貝爾蒙集團的奢華酒店能產生協同效應。

“Luxury hotels most often contain luxury boutiques,” Guiony said.
Guiony接著說，「奢華酒店往往都有奢侈精品在其中。」

東方快車的臥舖車廂 (圖片來源：Travel+Leisure )

Soazig Drais, associate director of consultancy and valuation at Christie & Co., said Belmond is “a historical luxury hotel company with a good, strong track record,” and a “rather good match” for LVMH. He added that “no one is surprised by Belmond being sold.”
Christie & Co.諮詢與評估部門副總監Soazig Drais表示，貝爾蒙集團是「一個有歷史性的奢華酒店集團並且有優秀強大的鐵路旅遊背景」，而這個收購案對LVMH來說是「相當合適的」。他補充說，「沒人會對貝爾蒙集團被收購感到吃驚。」

Belmond’s portfolio consists of 34 hotels and approximately 3,100 keys in 17 countries, all of which are owned with the exception of London’s Belmond Cadogan, owned by Cadogan Estates. Belmond also has interests in luxury trains.
貝爾蒙集團旗下包含34家酒店分布在17個國家，客房總數近3100間。除了位於倫敦的Cadogan貝爾蒙酒店外，其他33間酒店都為Cadogan資產公司所擁有。而貝爾蒙集團的產業也包括奢華火車旅遊。

In June 2011, LVMH became the majority shareholder (76.12%) in fellow luxury goods firm Bvlgari S.p.A., which has a portfolio of six hotels and four in the pipeline. The sixth property, Bulgari Hotel Shanghai, opened in July.
LVMH在2011年6月成為寶格麗公司的最大股東(持股76.12%)。寶格麗公司旗下已有6間酒店營運中，另有4間籌備中，而第6間酒店—上海寶格麗酒店已在2018年7月開幕。
*編按：「寶格麗酒店(Bvlgari Hotels & Resorts)」是寶格麗公司與萬豪酒店集團於2001年另外共組的合資公司，該品牌力求成為奢華酒店的領導品牌之一。

Drais said LVMH, which is listed on the French Euronext stock exchange, is buying Belmond’s obvious experience in the industry and that there were other bidders in the mix, including KSL Capital Partners.
Drais表示，在法國泛歐交易所上市的LVMH集團買的是貝爾蒙集團卓著的酒店暨旅遊產業經驗，而貝爾蒙集團的出售案中也有其他競標者，包括專長於旅遊休閒產業的資本管理公司 KSL Capital Partners。

“This deal will clearly reinforce its hotel footprint and further maintain its DNA,” Drais said.
「此收購案將很明確地強化LVMH集團的酒店布局，並能進一步維繫貝爾蒙集團的品牌核心。」

He added LVMH already operates four hotels under the Cheval Blanc brand in France, The Maldives and Saint Barthélemy, with one more in the pipeline.
Drais補充道，LVMH集團其實已有四間以「白馬莊園」為名的酒店分別位於法國(2間)、馬爾地夫及法屬聖巴瑟米島，並尚有一間在籌備中。

During a phone conference held today to comment on the deal, Guiony and Chris Hollis, LVMH’s head of investor relations, pointed to the main attractions of Belmond in the proposed deal, including:
Iconic and legendary assets all around the world;
Ownership of the real estate;
Globally diverse, highly refined customer base;
A recognized brand and ideal complement to Cheval Blanc;
A seasoned management team with deep industry knowledge; and
The ability to reach critical mass in the ultimate luxury hotel world with a single acquisition.
在今日與LVMH集團高層Guiony及投資人關係部門主管Chris Hollis的電話會議中指出此貝爾蒙集團收購案的主要吸引人之處在於：
● 位於全球各地具代表性及傳奇性的資產標的
● 持有不動產
● 具全球多元性、高端的客群
● 有辨識度的品牌以及對自家「白馬莊園」產品的絶佳強化
● 貝爾蒙酒店集團經驗豐富的管理團隊具備深度的產業知能
● 只需單一收購案就可以觸及超奢華酒店世界中的關鍵客源

Guiony said LVMH not only is buying properties, but a management team, which he said would remain based in London.
LVMH集團的財務長Jean-Jacques Guiony表示，LVMH不僅是收購貝爾蒙集團的資產物業，同時也將其管理團隊納於旗下，而貝爾蒙集團的總部仍舊位於英國倫敦。

“That is very important to us. We will heavily rely on the present management team to grow the business. We will not change the management. … Yield management has been introduced to Belmond only in the last few years and that, too, takes times,” he said.
「這對我們而言十分重要。LVMH集團將會非常倚重目前貝爾蒙集團的管理團隊以發展酒店事業。我們不會撤換管理團隊。….營收管理近幾年才導入貝爾蒙集團，這同樣得花些時間。」

“We see the direction they are going is the right one. The Belmond brand is emerging, growing, but it is still a new name. Recognition is not what it could be, so we put investment behind the brand,” he added.
Guiony補充說：「LVMH集團所見的貝爾蒙集團發展方向是正確的。貝爾蒙品牌正逐漸為人所知並且在發展中，但仍舊顯得陌生。品牌辨識度並不在於它會成為什麼，因此我們才為貝爾蒙品牌挹注資金。」

CapEx, branding, not expansion(資本支出、品牌定位，非擴張版圖)
Drais also mentioned that LVMH has been revamping the iconic La Samaritaine building, a former department store it owns in Paris, for the last several years.
Christie & Co.諮詢與評估部門副總監Soazig Drais也提到最近幾年所進行標誌性的莎瑪麗丹大樓(前身為LVMH所持有的莎瑪麗丹百貨公司)之翻修改建。

There is the definite possibility that space might be converted into a luxury hotel, Drais added.
Drais補充說，這個莎瑪麗丹商業大樓空間極有可能會轉變成一間奢華酒店。
*補充：莎瑪麗丹複合商業區的規劃會包含1間百貨公司、有72間客房的白馬莊園酒店、商業辦公區、96個社會住宅單位以及社會養護中心。詳見LVMH官網說明、莎瑪麗丹複合商業區官網介紹。

Guiony hinted Asia is one market the proposed partnership is interested in developing, but that the focus would be on optimizing the brands, rather than pumping capital in to expand the portfolio.
Guiony 暗示亞洲是LVMH集團夥伴所欲開發的市場，不過這樣的關注應僅只於優化酒店品牌，而非灌注許多資本於擴張酒店品牌。

“One of the beauties of Belmond is that it already has many properties, so it is about optimizing the brands. We might add on a few things, maybe management agreements,” Guiony said.
Guiony 說，「貝爾蒙集團絕妙之處當中有一項是據點夠多，因此我們正計劃進行該品牌的優化工程。LVMH集團可能會新增些東西，比方像是委託管理協議書。」

“Belmond owns an unusually large share for a luxury portfolio, and that is a very strong competitive advantage and more of an obvious alignment between owner and operator. That this is beneficial is especially true of the top end of luxury,” Guiony said.
「貝爾蒙集團在其奢華酒店品牌中持有特別大佔比的股份，而這本身就是強而有力的競爭優勢，意即業主與營運管理團隊是相當一致的。這對頂級奢華品牌來說是絕對正確且有利的。」

Guiony referred to some of the jewels in Belmond’s stable, including the Belmond Hotel Cipriani in Venice; Belmond Copacabana Palace in Rio de Janeiro and Belmond Charleston Place in South Carolina.
Guiony提到了貝爾蒙集團旗下幾個如珍寶般的酒店據點，包括位於義大利威尼斯的貝爾蒙Cipriani酒店，位於巴西里約熱內盧的貝爾蒙Copacabana皇宮酒店及位於美國南卡羅萊納州的貝爾蒙查爾斯頓廣場酒店。

“The Cipriani is one of the key assets, but there are many others that also have very high real estate and operating value. It is very early to talk about a CapEx program, but we do not intend to do a huge capital push up in Belmond,” he said.
Guiony說，「貝爾蒙Cipriani酒店是重要的資產之一，但當然還有很多旗下具備高不動產與營運價值的酒店。雖然談到資本投資計劃還太早，但LVMH集團還不打算挹注鉅資在貝爾蒙品牌的版圖拓展上。」

He added he is aware Belmond itself puts 3% to 6% of profit per year into capital expenditures, which he agreed is a good rule of thumb.
Guiony補充表示，他有留意到貝爾蒙集團本身每年可為資本支出挹注3~6%的獲利，而這在經驗法則中算是不錯的。

Hollis said the deal would have only a limited impact on LVMH’s debt profile and that the deal, subject to approval by Belmond shareholders and antitrust regulators, should be finalized by mid-2019.
Hollis表示，此筆交易案應該對於LVMH集團的負債內容只起有限的影響，另外，此項受到貝爾蒙集團股東及反托拉斯監管單位核可的收購案預計在2019年年中完成。

Guiony said LVMH has not lacked opportunities in looking at traditional luxury goods, including hotels.
Guiony說LVMH集團已不欠缺關注傳統奢侈品(包括旅館酒店)的機會。

“We believe luxury experiences will become more important in the future, and (the Belmond deal) is a great opportunity to participate in this,” Guiony said.
「我們LVMH集團相信奢華體驗在未來會更趨重要，而(貝爾蒙集團收購案)是參與其中的絕佳機會。」

He added some of the synergy initiatives LVMH has partnered in with Cheval Blanc could easily replicate with Belmond to strengthen or further these experiences.
Guiony接著說，LVMH集團以白馬莊園酒店所合作的部份協同倡議或許會複製貝爾蒙酒店的內涵，並進一步強化這些奢華體驗。

“One thing we believe we are knowledgeable about this brand. Belmond is an emerging brand, and we strongly believe we can continue to develop it and make it in its segment very known and recognizable,” he said.
他說：「我們相信一件事，即我們對貝爾蒙品牌很了解。貝爾蒙這個品牌正逐漸彰顯，而我們確信可以持續發展貝爾蒙品牌，並讓它在奢華酒店領域為人熟知且具辨識度。」

Cup spilled over(杯子滿溢→外溢效應)
Guiony said Belmond has existed for less than five years in its current guise and still needs time to reach its full potential for profitability.
Guiony表示，貝爾蒙集團目前「虛胖」的狀況至少存在五年之久，因此仍舊需要些時間來達到全能獲利。

“Most luxury groups are diversified, and Belmond is, too, and I do not believe its portfolio has seasonality. It has resorts, business hotels, leisure ones, and Belmond also has experiences that complement their hotels, such as cruises and trains,” Guiony said.
Guiony接著說，「大多數的奢華集團都是多元經營的，而貝爾蒙集團也是如此，何況我不認為它的旗下品牌有受季節性的影響。貝爾蒙集團有渡假酒店，商務酒店與休閒型酒店，並且有運作酒店，遊輪及火車的經驗。」

Guiony added LVMH had calculated its financing on the deal in terms of 50% U.S. interest rates, 50% European Union ones.
Guiony補充說，LVMH集團已分別以美國與歐盟利率計算此交易的財報。

“That is how it was reached, what you see in front of you, but this does not mean this is how we will finance it at closing,” Guiony said, adding the deal will not change LVMH’s gearing going forward.
「這就是目前所看到的初步定案，但這並不表示我們最終結案所投入的資金。而此交易案並不會改變LVMH集團向前發展的進程。」

“We have significant debt repayment potential even with the buy, although we have to swallow a $3-billion acquisition, which is something we do not do every day,” he said.
「雖然30億美金的併購案並不常有，但就算因這件交易案，我們LVMH集團仍有顯著的債務清償能力。」

Guiony said the priority for LVMH after dividends is to pay down debt to a certain level.
Guiony 表示LVMH集團在發放股利後的首要工作是清償債務至特定水平。

“When we reach a level we see as reasonable level, we will then recompense cash to shareholders via share buybacks,” he added.
他接著說：「當債務清償至合理水平時，我們會經由股份回購的方式以現金補償給股東。」

In its latest earnings statement, for the third quarter of 2018, Belmond posted adjusted earnings before interest, tax, depreciation and amortization of $75.1 million, a year-over-year increase of 21%, and reaffirmed full-year EBITDA guidance would come in at between $140 million and $150 million.
以2018年第3季的近期收益表來看，貝爾蒙酒店集團所登載的調整後之稅息折舊及攤銷前利潤(EBITDA)是7510萬美金，年成長率為21%，重申的全年EBITDA業績指引有機會來到1.4億至1.5億的區間。

In the 12 months ending 30 September, Belmond recorded total revenue of $572 million.
結算至2018年9月30日的12個月內，貝爾蒙集團登載的總營收為5.72億美金。

As of press time, Belmond’s stock was trading at $24.72 a share, up 102% year to date. The Baird/STR Hotel Stock Index was down 14.4% for the same time period.
截稿為止，貝爾蒙集團股價以每股24.72美金作收，一年來大漲102%。而在同期的美國「貝雅/STR酒店證劵指數」中，則是下跌14.4%。