Industry Updates

June 2016

Bulgari Hotels & Resorts is planning to build it's first property in Russia

Italian jeweller Bulgari has teamed up with Russian real estate investor Alexei Bogachev to build its first hotel in the country, it said on Wednesday, a day after opening its second Russian store.

Bogachev, who also invests in agriculture and owns around 4 percent of shares in Russia's top retailer Magnit, said he would invest around $200 million in the Moscow hotel which will be operated by Marriott International Inc..

The hotel on Moscow's central Bolshaya Nikitskaya street will feature 65 rooms, 14 residential apartments, and a 1,600-square metre spa area, Bulgari Chief Executive Jean-Christophe Babin and Bogachev told a news conference.

It will open in 2019 to become the seventh hotel under the Bulgari brand. Besides the existing hotels in Milan, London, and Bali, three further establishments are due to open in Shanghai, Beijing, and Dubai in 2017.

Bulgari, the flagship jewellery brand of luxury group LVMH, also has another four hotel projects, likely to be unveiled in the next few months, Babin said  «In the next decade, probably, we will open five more, the target being to be only in the most trend-setting cities or, like in Bali, in the most trend-setting resort locations in the world. And eventually we will probably have between 15 to 20.» Text’s source: Reuters

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