Italian fashion designer Giorgio Armani’s luxury hotel brand is planning to open a hotel in Russia’s Caucasus region. Armani Hotels and Resorts, which opened its first development in Dubai last year, will launch another one in Caucasus region’s mineral springs resort area (some may regard it as Spa), together with other investors, Russian newspaper Kommersant daily reported. The exact location has not yet been decided.
Investment in the project will be unveiled at the prestige MIPIM real estate show in Cannes in March. As reported, investment could surpass $150 million and will be repaid no earlier than eight years later. Armani hotel’s guests will be charged for staying roughly $2,000 per day.
The Caucasus mountain area is famous for its mineral springs and astounding landscapes. It is home to about 130 mineral springs. The region has been known for its resorts since the 19th century. On the other hand, the resort’s mass popularity has dwindled since Soviet times due to poor development of the infrastructure. At the moment there is only one spa hotel in the area.
The Russian government has plans to develop the mineral springs resort and other ski resorts in the mountains, and Armani would be a welcome investor to these places. The designer’s project is going to be the first opulent hotel in the region to attract both Russian and wealthy foreign visitors.
Italian luxury-goods makers are investing more and more in Russian market: Roberto Cavalli is plotting to build two nightclubs in Russia this year.
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