Luxury goods maker LVMH has agreed to buy Belmond, the owner of hotels including Venice’s landmark Cipriani, for a total of $3.2 billion to raise its profile in upmarket hospitality.

The acquisition will give it properties including the only hotel within the Machu Picchu citadel in southern Peru, Hotel Splendido in Portofino on the Italian riviera and the Copacabana Palace in Rio de Janeiro, moving LVMH further into the fast-growing “experiential” high-end travel and hospitality sector. READ MORE