The Italian hotel group has facilities spread across Rome, Florence, Milan, Venice, Sardinia, Apulia, London and the Maldives.
The transaction is expected to help Baglioni Hotels & Resorts bolster its foothold in the US market, which marks 70% of Palace Resorts business.
The deal will also give the Italian group access to nearly 75,000 Palace Elite Vacation Club members.
Apart from the addition of a luxury European brand, the transaction will provide Palace Resorts with a team of professionals capable of handling future investments on hotels, resorts and real estate in Europe, Asia and the Middle East.
Additionally, the deal will allow Palace Resorts to introduce the Italian brand in the Americas and Caribbean regions, enhancing its offerings for clients.
Palace Resorts executive vice-president Gibran Chapur said: “It is such an honour for us, the Chapur Family, to take our company to a global reach through Baglioni Hotels & Resorts.
“We invested in this great Italian collection for many reasons, starting with the kindness and great execution ability of its staff both in and out of the hotels, and it will be a pleasure to keep collaborating with our new partner and CEO, Guido Polito, who has taken the group to worldwide recognition with the Italian spirit in every detail of the guests’ experience.”
Baglioni Hotels & Resorts CEO Guido Polito, who led the expansion of the group’s brands in Europe, Asia and Middle East, will continue to serve in the same position.