Armani Hotels & Resorts to Expand Globally Through New 20-year Joint Venture [Yahoo! Finance Canada]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
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Source: Yahoo! Finance Canada
The Italian fashion and design group inked a new joint venture with Symphony Global to further develop a portfolio of Armani Hotels & Resorts in selected international locations. More from WWD Symphony Global is the private investment firm of Mohamed Alabbar and the agreement furthers the storied bond between Armani and Alabbar that led to the opening of the first Armani Hotel in Dubai in 2010, which occupies eight floors of the soaring Burj Khalifa tower. That hotel was followed by a second in Milan in 2011. The joint venture will be headquartered in Milan and Dubai for a contractual term of 20 years, with another 10-year renewal period. “This joint venture builds on a partnership that has already proven its strength over time,” said Giuseppe Marsocci, chief executive officer of the Armani Group, who was named to the post in October. Marsocci touted the success of the Armani Hotels in Dubai and in Milan, which together with the upcoming hotel in Diriyah Gate, Riyadh, plann
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