Bvlgari S.p.A., the world’s third-largest jeweller and luxury goods brand, and Marriott International, Inc., one of the world’s largest hospitality companies, announced the formation of Bvlgari Hotels & Resorts on February 13, 2001. The joint venture will launch the brand, identify prime locations and work with real estate partners to develop initially up to seven hotels in prime locations around the world. As the joint venture identifies and approves specific sites in these seven cities, Bvlgari and Marriott could invest a combined US$140 million in equity and subordinated loans. The total portfolio after five years including real estate is expected to be worth approximately US$1 billion. The hotels will be managed by Marriott International’s Luxury Group based in Atlanta, Georgia, which also manages The Ritz-Carlton Hotel Company, LLC.
Goodmans LLP acted for Bvlgari S.p.A. with a team comprised of Mario Di Fiore, David Nadler and Laurel Vanderjagt, with the assistance of in-house counsel, Costanzo Rapone. Gary Gartner of Arthur Andersen (New York) also acted for Bvlgari S.p.A. Marriott International, Inc. was represented by Jeff Rosen and Jill Irvin of O’Melveny & Myers LLP, with the assistance of in-house counsel George Kovac and G. Cope Stewart III.