Armani to Open Luxury Hotel in Russia

Giorgio Armani’s luxury hotel brand is looking to open its first property in Russia's Caucasus area, according to a report in Russian daily Kommersant. Citing ‘industry sources’, the paper claimed that the operator is looking to open in Stavropol region’s mineral springs resort area. Investment in the project, which is to be unveiled at the MIPIM real estate show in Cannes in March would be more than US $150 million. The property will be developed by POP and will have more investors aside from Giorgio Armani S.P.A. It will cover a total area of 30,000 sq m and will cost $2,000 a night.