Bulgari chose Moscow to debut its seventh property, with a new development slated to welcome its first guests in 2019. The operator has teamed up with an ambitious real estate investor to complete the project.
Bulgari Hotels & Resorts will introduce its first Russian hotel in Moscow in 2019. The group partnered with Italian design firm Antonio Citterio Patricia Viel and Partners, and Russian architectural studio Atrium. To develop its latest property, the group also teamed up with real estate magnat Alexei Bogachev, who said he would invest €200M in the hotel. Located on Moscow's central Bolshaya Nikitskaya street, the hotel will feature 65 rooms, 14 residential apartments, a 300m² suite, a restaurant, a bar, a 1,600m² spa with a 25-meter long swimming pool, as well as a rooftop terrace.
The operator relies on the long-term recovery of Russia's luxury market, a country where the jeweler plans to open an additional four stores. Jean-Christophe Babin, CEO Bulgari, expressed his confidence regarding the market's future prospects: "Not all brands agree that it's crisis time, not all brands are resigned to the fact that times will be tough, we are ready to fight. We are extremely confident in the future of Bulgari in Russia, and in the future of luxury in Russia."
Indeed, from January to April 2016, hotels in Moscow experienced a 11% gain in RevPAR, according to HotelCompSet's HIT Europe. After suffering years of hardship, the Russian market appears to have started its recovery, while crude oil prices are recently boucing back.
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