Bvlgari Marriott hotels venture to launch in Milan

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Luxury goods group Bvlgari and Marriott International announced yesterday that they have signed a deal to spend Eur6m ($5.2m) on opening a five-star hotel in Milan by the second half of 2003.

The Milan opening will be the first in a series of "about seven" hotels and resorts with a key retail focus they said will launch within five years in a $140m investment plan announced a year ago, (TRW 15/02/01). A spokeswoman said the venture plans on having seven hotels open within about five years. "The total portfolio including real estate will be worth about $800m."

The 50-50 joint venture, known as Bvlgari Hotels & Resorts, has signed a lease on a site close to Milan's La Scala opera house. The companies said the 10-year lease deal is with property developer Mahonia, which will invest an undisclosed sum in the development and reconstruction of the site.

Other potential sites for the resorts include New York, London, Tokyo, Paris, Rome, Miami, southern California and island resort destinations.

"I am convinced that Bvlgari Hotels & Resorts will further expand our exclusive brand image," said Bvlgari ceo Francesco Trapani, also chairman of the hotel venture.