Giorgio Armani S.p.A. is awarding a long term license to EMAAR Hotel & Resorts for the operation of a collection of luxury hotels and resorts. The agreement foresees the opening of at least seven luxury hotels and three vacation resorts within the next ten years.
Following the signing of a Letter of Intent in 2004, Giorgio Armani S.p.A. and EMAAR Hotels & Resorts LLC are pleased to announce that their respective Chairmen, Mr. Giorgio Armani and Mr. Mohamed Ali Alabbar, have today executed the formal contractual agreement between the two companies for the development of a unique international collection of ‘Armani Hotels and Resorts’.
Under the terms of the agreement, Giorgio Armani S.p.A. is awarding a long term license to EMAAR Hotel & Resorts LLC for the operation of a collection of luxury hotels and resorts, whereby EMAAR will be fully 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.
EMAAR Properties has established a wholly-owned subsidiary, the EMAAR Hotels and Resorts LLC, along with separate management company exclusively dedicated to the management and operations of the Armani Hotel and Resort collection. These companies are under the direction of Mohamed Alabbar and are being staffed by highly experienced managers recruited internationally from within the luxury hotels sector.