Concierge.com's insider take:

This grandiose 1850s villa has been the place to stay in Bellagio since 1873. Its location is perfect, flanked on one side by the town's central square and on the other by the wooded headland of the Bellagio promontory. The Serbelloni maintains its air of luxury through its oil paintings and antiques, 97 guest rooms with decorative stuccoed ceilings, and ceilings festooned with grotteschi in the grand salons that overlook the heated outdoor pool and private pier to the lake just beyond. Of the dizzying array of room categories, you need know only this: Nearly all rooms with lake views are labeled "deluxe," though not all deluxe rooms have the view, so be specific when booking. The on-site restaurant Mistral has had a Michelin star since 2005, and chef Ettore Bocchia serves his impeccably prepared traditional Northern Italian cuisine on the glass-enclosed terraces. Tucked away further back on the grounds you will find a gym, spa, and indoor pool, as well as the Residence L'Ulivo. These 13 modest but stylishly modern mini-apartments have terra-cotta floors and rattan furnishings and are great for families (the largest sleeps six). They are rented by the week in summer and for shorter periods in the shoulder seasons.

Closed early November through March.