Italian designer Giorgio Armani has signed a Letter of Intent with Dubai’s Emaar Properties for the establishment of a worldwide collection of luxury hotels and resorts with an estimated total investment of more than one billion dollars.
The Letter of Intent describes a collaboration that will see the opening of ten luxury hotels and four luxury vacation resorts within seven years in prime locations in the world's most important cities, including London, Paris, New York, Tokyo and Shanghai, according to a press release. Hotels will be opened in Dubai, United Arab Emirates (UAE) and Milan, Italy.
There is a commitment that at least six of the hotels and two of the resorts will be completed and opened within five years. The Dubai Armani Hotel will include 250 suites, restaurants and a spa, covering more than 40,000 square meters, located at Emaar Properties' new Burj Dubai development. Alongside the hotel's suites, the Burj Dubai will offer 150 luxury residential apartments all conceptualized by Giorgio Armani and fully furnished with a specially designed line of products from the Armani Casa collection.
The iconic designer said that Emaar Properties was chosen as a partner for the venture because of their “expansive vision, their expertise in real estate development and resort management and their appreciation for the intrinsic value of the Armani name and aesthetic.”
Under the terms of the Letter of Intent, Emaar Properties will be responsible for real estate, construction and management of the Armani Luxury Hotels and Resorts, while Giorgio Armani will be responsible for all aspects of content, design and style. A management company for the Armani Luxury Hotels and Resorts project will be established with its headquarters in Milan.
Emaar Properties was established in 1997 as a public joint stock company with a paid up share capital of $721 million, 32 percent of which is held by the Government of Dubai. Today, the company is one of the largest developers in the region with major commercial and residential projects, including Emirates Hills, Dubai Marina, Arabian Ranches and now the Burj Dubai Master Plan community.
The Armani Group is one of the leading fashion and luxury goods groups in the world today with 4,700 direct employees and 13 factories. It designs, manufactures, distributes and retails fashion and lifestyle products including apparel, accessories, eyewear, watches, jewellery, home interiors, fragrances and cosmetics under a range of brand names. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
