Press Releases
Bvlgari Hotels & Resorts Announces Lease Agreement for Brand's First Hotel, Located in Milan
Milan, 14 February 2002 - Bvlgari Hotels & Resorts, the joint venture company formed by Bulgari (MIL:BUL), the contemporary Italian jeweller, and the Luxury Group of Marriott International, Inc. (NYSE:MAR), signed a lease agreement for its first hotel to be developed in a prime downtown Milan location. The property, which is located in the very heart of the city, will open in the second half of 2003. This is the first project of the venture, which was established in February 2001.
Bvlgari Hotels & Resorts signed a 10-year renewable lease agreement at the tenant's discretion with an important property development company which owns the property. It will invest in the development and re-construction of the property, while Bvlgari Hotels & Resorts will invest 6 million Euros for design, certain equipment and hotel start-up costs.
The five star luxury hotel will be located in Via Privata Fratelli Gabba, in Milan's most prestigious shopping and cultural area adjacent to the famous Scala opera theatre, and the trendy, historic Brera district, also home to the Academy of Fine Arts. The hotel, with 52 rooms and suites, will offer superb amenities, including a restaurant, a café, an exclusive spa with an indoor pool, and a spectacular 200 sqm presidential suite incorporating a private terrace equipped with a pool. The hotel will also offer an incomparable setting amidst lush 4000sqm private gardens, adjacent to Milan's Orto Botanico. Most of the hotel's rooms overlook this verdant park, creating an island of relaxation for guests to enjoy while taking advantage of the hotel's central location in busy Milan.
Bulgari and the renowned architecture studio Antonio Citterio & Partners jointly design the hotel. Prices of the rooms will be at the top of Milan's high-end hotel market.
Francesco Trapani, Chief Executive Officer of the Bulgari Group and Chairman of Bvlgari Hotels & Resorts, commented: "I am delighted that our hotel venture today is announcing the first Bulgari hotel, to be situated in a premier location in one of Europe's strategic cities.
As we proceed with the development we will focus all of our attention on the hotel's design and in ensuring that we have considered every single detail necessary to provide for a truly exceptional five star hotel. Once open, we intend this Bvlgari Hotel to set the standard of impeccable luxury not only for every sophisticated traveller visiting Milan, but also for the local community. Luxury Group of Marriott International, with its tradition of unparalleled standards of hospitality excellence and service, will stand behind the management of the property.
I am convinced that Bvlgari Hotels & Resorts will further expand our exclusive brand image, while also delivering a significant return on investment for our shareholders."
On Bvlgari Hotels&Resorts
On February 13, 2001, Bulgari and Marriott International announced the formation of a joint venture to establish Bvlgari Hotels&Resorts. The joint venture will identify and open a small collection of luxury hotels in gateway and resort locations around the world. Local partners will provide the real estate for the hotels' development, generally on a lease basis.
On the Bulgari Group
In 2001 Bulgari posted a net turnover of 766 million Euro, an increase of 13% compared to the previous year. Bulgari has today over 150 stores in 31 countries worldwide.
Marriott International, Inc.
Marriott is a leading worldwide hospitality company with nearly 2,400 operating units in the United States and 63 other countries and territories. In fiscal year 2000, Marriott International reported systemwide sales of $19.8 billion.
For further information: Francesca Zanoni +39.06.688 10 594