While major hotel groups race to sign management deals and expand their global footprints, LVMH’s Belmond has taken a different approach: spending capital to renovate its existing properties rather than pursuing growth.
The strategy marks a sharp departure from industry norms, where scale through asset-light expansion has become the dominant path to higher fee revenue. But Belmond CEO Dan Ruff said the focus on depth over breadth reflects the luxury brand’s new priorities since LVMH took it private in 2019.
“I’m probably the only CEO in hospitality that’s not targeted on growth,” Ruff told Skift at ILTM Cannes.
The luxury hospitality brand has been investing capital to renovate legacy assets it typically owns or leases, rather than manages, across Florence and Rio. It has also been layering in designer partnerships and what Ruff calls a “new pace of travel.”
Belmond CEO Dan Ruff onboard the British Pullman, a Belmond Train. Credit: B
