Panchshil Realty, a Pune based real estate company from India, has revealed that they have tied up with Marriott International Inc., for the luxury brand Bvlgari for an eighty-two room luxury resort property in the Maldives.
Atul Chordia, the Chairman and Ceo of Panchshil Realty said that they aim for the resort to be in operation within two years. He said, “We have taken the land on lease from the government and are building a luxury resort. The work has already started and our target for launching the same is 2017.” According to Chordia the company would be venturing into more resort developments rather than city hotel developments as the returns are better. He explained that the reason for foraying into overseas destinations is, the “ease of doing” business is much better in other destinations. Construction-related approvals and operating licences are a nightmare in India. He also said that every government agency feels they have a stake in the development.
Bvlgari Hotels & Resorts was introduced in 2001. It is a joint venture between Bvlgari S.p.A., the celebrated jeweler and luxury goods retailer, and the Luxury Group – a division of Marriott International that also manages the award-winning Ritz-Carlton hotels, JW Marriott, and Edition.
Bvlgari opened its first hotel in Milan in 2004, a resort in Bali in 2006, followed by a hotel in London in 2012, with a further hotel scheduled to open in Shanghai in 2015 and this newly announced project in the Maldives.
Maldives is well known for luxury brands such as LVMH Moët Hennessy • Louis Vuitton S.A., the holder of 50% shares in Bvlgari S.p.A., who launched Cheval Blanc Randheli resort in Noonu atoll in 2013, the second only in the world.