Despite a struggling economy, it appears Russian’s penchant for expensive labels is alive and well as Russian real estate investor Alexei Bogachev announced Wednesday that he will build a US$200 million Bulgari hotel in Moscow, which will be managed by Marriott, Reuters reported.
The hotel on Moscow’s central Bolshaya Nikitskaya street will feature 65 rooms, 14 residential apartments and a 1,600-square-meter 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. Babin added that the luxury jewelry brand will likely unveil another four hotel projects over the next few months with an expectation to grow to between 15 and 20 hotels.
“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,” Babin told Reuters.