David and Simon Reuben have sold their holding in the luxury travel operator Belmond Limited, it is reported. The brothers are believed to have received £233m for their stake.
Established over 40 years ago with the acquisition of Belmond Hotel Cipriani in Venice, Belmond offers what it calls a ‘curated portfolio’ that includes luxury hotels, tourist trains, river cruises, safari and restaurant experiences in high end tourist locations worldwide. Previously known as Orient-Express Hotels it is most notably the operator of the famous Venice Simplon Orient Express.
David and Simon Reuben first invested in Belmond in 2007. In December 2018, luxury goods brand LVMH Moët Hennessy Louis Vuitton reached an agreement to invest $3.3bn (around £2.56bn) in Belmond.
Known as they are for shrewd and timely dealings observers might wonder whether the Reuben’s exit signifies challenging times ahead for the luxury travel sector. They have, however, recently made several new investments in London luxury hotels.