Giorgio Armani’s luxury hotel brand is looking to open its first property in Russia, according to a report in Russian daily Kommersant.
Citing ‘industry sources’, the paper claimed that the operator is looking to open in Stavropol region’s mineral springs resort area.
Investment in the project, which is to be unveiled at the MIPIM real estate show in Cannes in March would be more then US $150 million.
The mineral springs area, is situated north of the Caucasus mountain range and the spa resort’s popularity has fallen as the infrastructure hasn’t been maintained since the end of the Soviet Russia.
The government plans to develop the mineral springs resort and ski resorts in the mountains.