Italian fashion designer Giorgio Armani categorically denies press reports that the luxury hotel brand is planning to develop a hotel in Russia’s Caucasus region, a company statement said Monday.

“The Armani Group categorically states that reports of its intention to open an Armani Hotel in the Russian Caucasus are without foundation,” the Italian group said.

At the end of January, Russia’s Kommersant daily cited sources who claimed the Armani Hotels and Resorts brand was to open a hotel in the Stavropol region’s mineral springs resort area, together with other investors.

Investment in the project was estimated at over 150 million dollars (109 million euros), the report said.

The Armani group opened its first 160-room luxury hotel in April in 2010 in Dubai in the highest tower in the world, Burj Khalifa, and plans to open similar developments in other countries.