Emaar Properties PJSC, which today opened its first hotel with fashion designer Giorgio Armani in Dubai, plans to build a second one in Milan, Chairman Mohamed Alabbar said.
The 160-room luxury hotel in the Burj Khalifa, the world’s tallest building, opened after a delay of almost two months. Rooms cost as much as 40,000 dirhams ($11,000) a night.
Emaar plans to open the Armani hotel in Milan next year and will follow with a property in the Moroccan resort of Marrakech in 2012, Alabbar said. In 2005, the United Arab Emirates’ biggest developer secured the right to build at least 10 Armani hotels and resorts in cities including Paris, New York, Tokyo and Shanghai.
“The Armani hotel will have a positive impact on Emaar’s earnings for years to come,” Alabbar said at a press conference with Giorgio Armani in Dubai today.
Armani’s first hotel, with brown- and beige-colored corridors and walls, resembles Emaar’s Address Hotel nearby. The corridors feature low ceilings and are designed to resemble a fashion show catwalk, a tour guide told reporters today. The property will compete with at least three five-star hotels within walking distance. Rooms at the Armani hotel start at 4,000 dirhams.
The hotel, designed by Armani himself, includes eight restaurants, a spa and a lounge, in addition to chocolate and flower shops. It also houses “Armani Prive,” a nightclub with the world’s biggest LCD screen, where a table costs 3,000 dirhams.
On April 22, Emaar said first-quarter earnings more than tripled, helped by its shopping mall and hotel units. Its profit of 760 million dirhams beat the 336 million-dirham average of six analyst estimates compiled by Bloomberg.
Dubai became the world’s worst-performing property market after home prices dropped by more than 50 percent since mid-2008 as financing dried up.