Cheval Blanc Comes to Sardinia: Inside LVMH's Costa Smeralda Play
- 2 days ago
- 6 min read
Costa Smeralda has operated on a single premise for six decades: that the most discerning travelers will pay almost anything for a hotel that disappears into pink granite. The original blueprint was set in 1962 by Karim Aga Khan, who bought a stretch of empty Sardinian coast and built four resorts around it. For two generations those resorts sat largely undisturbed.
That is no longer true. LVMH has placed Cheval Blanc on the coast for the first time in Italy, and the first visible phase of the transition begins this month.
Hotel Pitrizza, one of the four original Aga Khan properties, reopens on May 28 under LVMH Hotel Management. A full rebrand to Cheval Blanc Pitrizza, Costa Smeralda is scheduled for the 2027 season. A few miles down the bay at Romazzino, the parallel story has already played out: Romazzino reopened as a Belmond property in 2024 and is operating that way now.
The Setup: Two Hotels and One Luxury Conglomerate
Costa Smeralda sits on Sardinia's northeast coast, about a 45-minute drive from Olbia Airport (OLB). Olbia has direct seasonal service from London, Paris, Frankfurt, Milan and Rome, with onward connections from Dallas, Houston and Atlanta for travelers routing through OKC. The stretch is small. Porto Cervo is the marina, and the four original hotels (Pitrizza, Romazzino, Cala di Volpe, Cervo) sit within a five-mile radius of one another.
Smeralda Holding, the entity controlling the four properties, sold management rights for Pitrizza and Romazzino to LVMH in 2024. Cala di Volpe and Cervo remain under Marriott's Luxury Collection. The result is a small piece of coast that now hosts three of the most aggressive luxury operators in the world (LVMH on the Cheval Blanc side, Belmond which LVMH also owns, and Marriott) competing for the same yacht-dropping guest.
Pitrizza itself was designed in 1963 by Luigi Vietti, the architect who set the visual language for the entire region: low granite buildings, terracotta roofs, dark woods, no flash. About 80 percent of the rooms have already been refreshed under the new ownership.
What's Notable About the Pitrizza Reset
Pitrizza scale stays small. Roughly 50 keys, including 16 freestanding villas with private pools. By Costa Smeralda standards (Cala di Volpe has 121 rooms, Romazzino has 94), this is the most private hotel on the coast.
The saltwater pool stays. The 1960s feature (a saltwater pool sculpted directly into the pink granite at the edge of the beach) remains. New ownership left it alone.
A new fine-dining concept is coming. LVMH has confirmed a redesigned spa and a new signature restaurant for the 2027 reopening. The Grill and Bar Pitrizza continue running for the 2026 season in their existing format.
Romazzino is the operating Belmond. 94 rooms reopened for the 2024 season under Olga Polizzi's soft refresh. This is the only Belmond on Sardinia and one of the few beachfront Belmonds in the Mediterranean.
No new buildings are going up. Both properties sit on coastal-protection land. Renovation is limited to interiors and landscape work. The coastline you would see in a 1980 magazine spread is the coastline you see today.
LVMH is moving quietly. Cheval Blanc operates fewer than ten hotels worldwide (Courchevel, St-Barth, Randheli, St-Tropez, Paris, Seychelles, and the forthcoming Beverly Hills). Adding Pitrizza is a meaningful fleet expansion.
Why It Matters
LVMH has spent the last five years quietly building the largest collection of historic Italian luxury hotels under a single owner. Belmond gives them the Cipriani in Venice, the Splendido in Portofino, the Caruso on the Amalfi Coast, Castello di Casole in Tuscany, and the Hotel de Russie in Rome. Adding Pitrizza on the Cheval Blanc side gives them the apex address in Italian island hospitality as well.
The strategic question for buyers is whether the change in operator changes the product. Cheval Blanc has a specific signature: very small inventory, residence-feeling rooms, one fine-dining anchor, and rates that climb fast. If LVMH holds to that script, Pitrizza will quietly become the most expensive single address on Costa Smeralda by 2027, separating itself from the Cala di Volpe and Romazzino tier rather than sitting alongside it.
Cost and Booking Window
For the 2026 summer season under LVMH, before the formal Cheval Blanc rebrand, entry-level garden rooms at Hotel Pitrizza generally start around 2,200 to 2,800 euros per night in June and September, climbing past 4,500 euros for water-view suites in July and August. The 16 freestanding villas with private pools quote into five figures per night during peak weeks. Romazzino under Belmond runs in a similar but slightly lower band, with Mediterranean-view rooms starting around 1,800 to 2,200 euros in shoulder months.
Booking windows are tight. Costa Smeralda's high season runs from the second week of June through the first week of September, and the Italian Ferragosto period (August 10 to August 20) effectively sells out by Christmas of the prior year. For July and the first week of August, a February booking window is the realistic floor. June and September can often still be sourced into the spring of the travel year.
Once Cheval Blanc Pitrizza launches officially in 2027, expect another 25 to 35 percent step up in rate, in line with what Cheval Blanc has historically priced into its rebrands.
What to Ask Before You Book
Are the new spa and the new signature restaurant operational for my 2026 dates, or am I booking during a transition season? The honest answer for summer 2026 is that some pieces are still in flux.
Will I get any of Cheval Blanc's signature programming (the Maison treatments, the Cellier service, the Petit VIP kids program) this summer, or do those launch only with the 2027 rebrand?
If I want the saltwater pool and beach view at breakfast, what room category do I actually need? Several entry-level rooms face the garden, not the water.
For a yacht-based trip, how is tendering handled and is the Pitrizza beach club accessible from a chartered yacht anchored in the bay? Costa Smeralda is a boat destination first.
Are there preferred-partner inclusions (breakfast, a resort credit, a complimentary upgrade at booking) that change the math meaningfully? For Cheval Blanc and Belmond properties, those amenities are not booked through general consumer channels.
How Haus Travel Can Help
Haus Travel has been planning Italy trips for clients since 1975, and we hold direct booking relationships with both LVMH Hotel Management (Cheval Blanc, Belmond) and Marriott's Luxury Collection. For Costa Smeralda specifically, that means we can compare rates and availability across all four of the original Aga Khan resorts in a single thread, route preferred-partner amenities into the booking (typically breakfast, a resort credit, a complimentary upgrade when inventory allows), and coordinate the yacht-charter and air-charter logistics that make a Sardinian summer week work from Oklahoma. Most of our Costa Smeralda clients fly OKC to DFW or IAH, take a long-haul to Rome or Milan, then a 90-minute hop to Olbia.
If you are thinking about Sardinia for 2026 or holding for the full Cheval Blanc launch in 2027, please email Blake directly at blake@haus-travel.com or call the office at (405) 752-2400. We can usually have a hold on a room within 24 hours once your dates are firm.
FAQ
When does Cheval Blanc Pitrizza officially open?
The full rebrand to Cheval Blanc Pitrizza, Costa Smeralda is scheduled for the 2027 summer season. For 2026, the property reopens on May 28 under LVMH Hotel Management, with roughly 80 percent of rooms already renovated but the existing Pitrizza name still in use during the transition.
How much does Hotel Pitrizza cost per night in 2026?
Garden-view rooms generally start around 2,200 to 2,800 euros per night in June and September and climb past 4,500 euros for water-view suites in peak summer. The 16 freestanding villas with private pools quote into five figures per night in July and August.
Where is Costa Smeralda located?
Costa Smeralda is on the northeast coast of Sardinia, about a 45-minute drive from Olbia Airport (OLB). Most US travelers connect through Rome (FCO) or Milan (MXP) before the short hop to Olbia.
What is the difference between Pitrizza, Romazzino and Cala di Volpe?
All three sit within a five-mile radius. Pitrizza (50 keys) is the smallest and most private and is becoming a Cheval Blanc. Romazzino (94 keys, Belmond as of 2024) is the most family-friendly with the longest beach. Cala di Volpe (121 keys, Marriott's Luxury Collection) is the largest and the social heart of the Costa.
Is Costa Smeralda good for families?
Yes, particularly in June and early September. Romazzino has a strong kids' program and the longest beach. Pitrizza's 16 villas with private pools are well-suited to multi-generational groups that want privacy and the option to spread out.
When should I book a 2026 Costa Smeralda trip?
The Italian Ferragosto period (August 10 to August 20) sells out by December of the prior year. For July and the first week of August, plan to book by February. Late June and September often remain available into the spring of the travel year.
Can I combine Costa Smeralda with the Italian mainland?
Yes. A common combination is three or four nights on the Costa, then a flight to Rome, Florence or Lake Como for a second leg. Some clients add a private yacht charter from Porto Cervo to Bonifacio (Corsica) for a day or overnight as a third leg.
