By Shane McGinley www.arabianbusiness.com
Italian design house Armani Group has denied it is planning to open a third branded hotel in Russia, under a joint venture deal with Dubai’s Emaar Properties.
The design company, which launched its first branded hotel in Dubai’s Burj Khalifa in April last year, spoke out after press reports claimed it had signed a $150m deal to open a property in the Russian resort of Stavropol.
“The Armani Group categorically states that reports of its intention to open an Armani Hotel in the Russian Caucasus are without foundation,” the Italian fashion label said in a statement to newswire AFP.
Armani entered into a joint venture with Emaar Properties in 2004, before opening the Armani Hotel Dubai in the world’s tallest tower.