Bulgari plans Russia debut

Bulgari Bali

Italian jeweler Bulgari is bringing its ascending hospitality brand to Russia. The company has teamed up with Russian real estate investor Alexei Bogachev to build its first hotel in the country.

Bogachev, who owns around 4 percent of shares in Russia's top retailer Magnit, said he would invest around $200 million in the Moscow hotel. The property—like its sisters in Milan, London and Bali (pictured above)—will be operated by Marriott International.

The Moscow property will have 65 rooms and 14 residential apartments and will be the brand's seventh hotel when it opens in 2019. Three further properties are slated to open in Shanghai, Beijing, and Dubai in 2017.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Bulgari also has another four hotel projects in the pipeline that will be announced in the coming months. "In the next decade, probably, we will open five more…And eventually we will probably have between 15 to 20," Bulgari CEO Jean-Christophe Babin said. 

Source: Reuters

Suggested Articles

After months of searching, AAHOA has selected the former chancellor of East Carolina University to head its 18,500-member organization.

The Middle East total was a 5.7 percent drop in the number of rooms under construction, while Africa's construction total is down 4 percent.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.