FINANCIAL NEWS

Salvatore Ferragamo considering hotel opening in Dubai

16 Apr 2012

(MENAFN) Italian fashion house Salvatore Ferragamo plans to make a foray into Dubai’s hospitality sector, Arabian Business reported.

The Ferragamo family established its hospitality arm, the Lungarno Collection, in 1995 and operates hotels, retreats, villas and luxury sailing yachts in Rome, Florence and Tuscany.

The fashion house’s plans follows the footsteps of rivals including Armani, Versace and Missoni. In 2004, Giorgio Armani signed an agreement with Dubai’s Emaar Properties to design the hotel to anchor Burj Khalifa skyscraper and has plans to open new Armani-branded hotels in major cities around the world.

Also, the USD626 million Palazzo Versace hotel is scheduled to open by the end of the year, although some see 2014 more realistic date for opening as they say the project needs some funding to finish construction.

Rival Missoni has already opened a hotel in Kuwait and is planning further properties in Qatar, Turkey and Oman, while Elisabetta Gucci said in 2010 she was hoping to open up to 40 hotels worldwide, including one in Dubai.

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