French luxury giant LVMH reaches agreement to buy hotel group Belmond

French luxury giant LVMH said Friday that it had reached agreement to buy hotel group Belmond, whose properties include the Copocabana Palace in Rio de Janeiro and Cipriani in Venice, in a transaction worth USD 3.2 billion.

"Through this acquisition, LVMH will significantly increase its presence in the ultimate luxury hotel world," the world's largest luxury group said in a statement.