Giorgio Armani S.p.A., the investment vehicle of Italian designer Giorgio Armani, plans to build a $150 million, 100-room “designer” hotel in the south of Russia, Kommersant business daily quoted a source at developer POP as saying on Friday.
POP will present the project at the MIPIM international property exhibition in March.
The $2,000 a night hotel project is expected to break even in eight years.
The size of the hotel, to be located in the Stavropol region, would exceed 30,000 square meters, Vasily Solovyov, head of the Armani Hotels Caucasus project, was quoted as saying.
Solovyov said that Giorgio Armani S.p.A., which opened its first 160-room hotel in Dubai last year, would partially finance the project, without mentioning other investors.