British businessmen David and Simon Reuben have entered into a strategic partnership with Baglioni Hotels and Resorts, to “facilitate the rollout of Baglioni-branded hotels around the world”.

The agreement is part of a wider deal which sees the Reuben Brothers acquire the five-star Baglioni Hotel Luna in Venice, which is housed within a 12th-century building close to Piazza San Marco.

Guido Polito, CEO of Baglioni Hotels and Resorts, said that the group was “proud that an important investor such as Reuben Brothers has seen the potential of the Baglioni brand in the luxury hotel market and has showed a strategic alignment with us regarding the future development in Italy and internationally”.

The Baglioni Hotel Luna is the Reuben Brothers’ second hotel investment in Venice, where they also own the recently opened Palazzo Experimental on the Giudecca canal.

The brothers also recently acquired The Surrey Hotel on New York’s Upper East Side, and in London they own hotel and members’ club The Curtain, which is set to be rebranded as the Mondrian Shoreditch London this year.

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The Baglioni group has hotels in Rome, Venice, Florence, and Punta Ala in Tuscany, as well as international properties in London and the Maldives.

“The acquisition of one of the leading luxury hotels in Venice plays perfectly into our wider strategy and complements our existing portfolio which now also includes the famous La Palma Hotel in Capri,” said Jamie Reuben.

“The investment further underlines our belief in the strength of the Venice market. We are also pleased to work with Baglioni Hotels in developing their brand into new markets”.