Marriott and Bulgari confirm joint venture

Hotel company Marriott International and Italian jeweller Bulgari have confirmed plans for a $140m (£97m) joint venture to run a luxury hotel chain.

Each of the Bulgari Hotels & Resorts properties will be designed by Bulgari in contempory Italian style. Food will also be modern Italian.

They will be managed by Marriott's newly formed Luxury Group, which will also be responsible for the company's five-star Ritz-Carlton hotels.

The joint venture company is looking at sites in London, Rome, Paris, New York, Miami, southern California and various island resorts. Negotiations are underway at several locations, the companies said.

Pricing is expected to be "at the top of each market".

The joint investment is expected to be about $140m. Bulgari will take a 65% stake and Marriott 35%. The hotels will be leased from local owners.

The value of the hotel portfolio is expected to add up to about $800m (£551m) after five years.

Bulgari chief executive Francesco Trapani said the hotel chain would help make the Bulgari name more widely known.