LVMH to buy a castle on Lake Como

LVMH invests in the Paris Olympics, allocates a plan to lock up shares for the next 29 years, and buys the Castello di Urio on Lake Como. The portfolio of the world's largest luxury conglomerate thus continues to grow with the addition of this luxurious 16th century Italian property, a building that, given LVMH's activities in the hospitality sector, could become a hotel space. The final contract signature for the acquisition will be laid in 2024 and the deal has been closed through the subsidiary Belmond, MFF reported. Among the properties on the Italian peninsula already owned by the group are the Cipriani in Venice, the Splendido hotel in Portofino, the Grand Hotel Timeo and Villa Sant'Andrea in Taormina, Villa San Michele in Florence and many others.

The Castle of Carate Urio was erected between Moltrasio and Carate in the 16th century and was a residence of several noble families, such as the Salazars, the Castelbarcos and the Melzi d'Eril. In 1947 it passed to Baron Langheim, who invested in the renovation of the building and the park.Due to its strategic location near the peaceful Lake Como, the castle has been used for spiritual and religious retreats in recent times. The property comprises 1.9 hectares of land, and is part of the real estate of Opus Dei.