Bulgari Hotels & Resorts, the joint venture company formed by Bulgari, the contemporary Italian jeweller, and the luxury group of Marriott International, Inc, signed a lease agreement for its first hotel to be developed in a prime downtown Milan location. The property, which is located in the very heart of the city, will open in the second half of 2003. This is the first project of the venture, which was established in February 2001.

Bulgari Hotels & Resorts signed a 10-year renewable lease agreement at the tenant's discretion with the property development company Mahonia Srl, which owns the property. Mahonia Srl will invest in the development and re-construction of the property, while Bulgari Hotels & Resorts will invest 6 million Euros for design, certain equipment and hotel start-up costs.

The five star luxury hotel will be located in Via Privata Fratelli Gabba, in Milan's most prestigious shopping and cultural area adjacent to the famous Scala opera theatre, and the trendy, historic Brera district, also home to the Academy of Fine Arts. The hotel, with 52 rooms and suites, will offer superb amenities, including a restaurant, a cafÉ, an exclusive spa with an indoor pool and a a spectacular 200 sqm presidential suite incorporating a private terrace equipped with a pool. The hotel will also offer an incomparable setting amidst lush 4000 sqm private gardens, adjacent to Milan's Orto Botanico. Most of the hotel's rooms overlook this verdant park, creating an island of relaxation for guests to enjoy while taking advantage of the hotel's central location in busy Milan.

Bulgari and the renowned architecture studio Antonio Citterio & Partners jointly design the hotel. Prices of the rooms will be at the top of Milan's high-end hotel market.



Source: Bulgari press release
February 2002