SHARJAH, 2 June 2005 — Dubai-based developer Emaar Properties and the Italian fashion group Giorgio Armani have signed an agreement under which Emaar will invest $1 billion in building at least seven luxury hotels and three vacation resorts within the next 10 years.
Under the terms of the agreement, finalized by Giorgio Armani, chairman of the Italian fashion group, and Mohammad Ali Al Abbar, chairman, Emaar Properties, a subsidiary created for the project, called Armani Hotels and Resorts, was awarded a long-term license for the operation of the luxury hotels and resorts.
“This is a symbolic moment for this collaboration. It signifies that all lights are green for what is an ambitious and inspiring undertaking to create an innovative collection of luxury hotels and resorts in the world’s most important travel destinations,” said Abbar.
“Since our first announcement last year we have received a remarkable response from around the world and have already made significant progress in identifying potential locations for some of our first openings.” Emaar will be responsible for real estate, construction, management and operations, with Giorgio Armani overseeing all aspects of content, design and style, including interiors and amenities, incorporating the various Armani fashion, furnishings and beauty collections. “This marks the beginning of a new chapter in the Armani story,” said Armani.