Giorgio Armani SpA and EMAAR Properties announced Sunday they have signed a letter of intent to create a world-wide collection of Armani luxury hotels and resorts.
Signed by Giorgio Armani, chairman and chief executive of the leading fashion and luxury goods group, and EMAAR chairman Mohammad Ali Alabbar, the letter outlines the opening of 10 hotels and four vacation resorts within seven years in prime locations, including Dubai, London, Milan, New York, Paris, Shanghai and Tokyo.
"There is a commitment that at least six of the hotels and two of the resorts will be completed and opened within five years," a statement said.
The Dubai Armani Hotel will include 250 suites, restaurants and a spa, covering more than 40,000 square meters (400,000 square feet) at EMAAR Properties' new Burj Dubai development, billed to be the world's tallest residential and commercial building. Another 150 "Armani" residential apartments will be part of the project.
"We have been exploring the idea of bringing the Armani philosophy of design and style to hotels for many years," said Giorgio Armani.
"We have selected EMAAR Properties to be our partner in this significant, long-term venture to develop a unique collection of luxury hotels and resorts around the world, because of their expansive vision, their expertise in real estate development and resort management and their appreciation for the intrinsic value of the Armani name and aesthetic."
Mohamed Ali Alabbar said: "This is an ambitious collaboration, but one which is backed by the enthusiasm and passion of two partners with a like-minded commitment to innovation and excellence."
Dubai-based EMAAR Properties, a public joint stock company set up in 1997 and today the largest property development company in the Middle East, will be responsible for real estate, construction and management of the 'Armani Luxury Hotels and Resorts'.
Armani will be in charge of content, design and style, including architecture, interiors, furnishings and amenities.
A management company for the Armani Luxury Hotels and Resorts project will be established with its headquarters in Milan.
No details of financial arrangements under the ceal were revealed.
EMAAR, whose largest shareholder is the Dubai government, boasts equity of 1.8 billion dollars with a portfolio of billion-dollar developments in the emirate. It also owns Dubai Bank and Amlak Finance Company, the booming city state's largest mortgage provider.
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