Giorgio Armani SpA and other co- investors plan to spend $150 million on the construction of a luxury hotel in the Stavropol region of the Russian Caucasus mountains, Kommersant said today, citing real estate officials.
The Armani Hotel will have 100 suites covering 30,000 square meters, the report said. The project managers are studying four locations for the hotel, including the cities of Kislovodsk, Essentuki, Pyatigorsk and Zheleznovodsk, all of which lie in the mineral water resort areas of the Caucasus, Kommersant said.
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