Bulgari SpA, the Rome-based jeweler and perfume maker, and Dubai developer Meraas Holding LLC plan to build a luxury resort and homes on a manmade island off the Middle Eastern city’s shore.
The development will include a 101-room hotel, 20 hotel villas, 165 apartments, 8 penthouses, 15 mansions as well as a 50-berth marina and Bulgari yacht club, the companies said at a briefing on Monday.
Dubai, which already has hotels branded for fashion houses Giorgio Armani and Gianni Versace, is adding new themed properties. The city has 11,500 hotel rooms, four theme parks as well as the world’s largest Ferris wheel under construction.
“If you have a manmade island like this, there is an attraction,” said Cherif Hosny, chief hospitality officer at Meraas. “We are planning to attract a niche market for this project.”
Meraas and Bulgari’s development will be built on 1.7 million square feet (158,000 square meters) of land on Jumeira Bay Island. The project is set for completion in 2017. The apartments will be spread across six towers and will range from one to four bedrooms that will be offered for sale within a few days.
Bulgari, bought by LVMH Moet Hennessy Louis Vuitton SA in 2011, operates hotels in Milan, Bali and London. the company plans to have about 20 hotels in the next five to seven years in cities including Shanghai and Beijing.