Hotel and leisure company Belmond has acquired Castello di Casole, a luxury resort and estate in Tuscany, Italy.

Belmond acquired the entire equity capital of two entities that together own Castello di Casole.

Castello di Casole is a private real estate property in Tuscany that is within easy access of both Florence and Siena.

Spanning 1,500 ha, the resort and estate consist of the 39-key hotel, along with vineyards and olive groves, 48 residential plots.

The deal carries a price of approximately €39m ($48m) with a possible addition of €2.85m ($3.5m) payable after some real estate sales are being achieved.

This acquisition is the latest addition to Belmond’s family of Italian portfoilo, which includes Belmond Hotel Cipriani in Venice and Belmond Hotel Splendido in Portofino.

Belmond financed the deal with cash on hand. Following takeover of management, Belmond will rebrand the resort as Belmond Castello di Casole.

Belmond  president and chief executive officer Roeland Vos said: “I am delighted to announce the addition of the stunning and historic Castello di Casole to the Belmond portfolio.

“The Belmond brand continues to gain momentum and this acquisition marks the latest step in our journey towards realizing our strategic growth plan. The expansion of our global footprint is a central component of our strategy to double the Company’s EBITDA by 2020.

“Castello di Casole complements our existing Italian portfolio of iconic hotels in Italy, with many of our discerning guests already traveling from Belmond Villa San Michele in Florence to this authentic rural hideaway in Tuscany.”

Beginning this year, Belmond expects to invest €7.3m ($9m) through a phased refurbishment of the hotel over four years.