Marriott International Signs Agreement with Grandi Immobili Italiani S.r.l. to Bring The Ritz-Carlton Brand to Bellagio on the Shores of Lake Como

Marriott International (NASDAQ: MAR) announces its agreement with Grimit S.r.l. to establish The Ritz-Carlton, Bellagio, marking its inaugural property in Italy.

Rhea-AI Summary

Marriott International (NASDAQ: MAR) announces its agreement with Grimit S.r.l. to establish The Ritz-Carlton, Bellagio, marking its inaugural property in Italy. This luxury hotel, expected to open in 2026, will undergo a transformation of the historic Hotel Grande Bretagne. The property will feature 59 rooms and 46 suites, alongside a destination spa, diverse dining options, and extensive gardens. Located on Lake Como, a renowned tourist destination, the hotel aims to restore the legacy of the former hotel and enhance Marriott’s luxury brand portfolio in Italy.

Positive

• Expansion into Italy with The Ritz-Carlton, enhancing brand portfolio.
• Planned luxurious amenities including a spa and fine dining restaurants.
• Historic restoration of a renowned property, boosting regional tourism.

Negative

• None.

Argus Session date unavailable

-0.22% session move Open Argus

Details

News Market Reaction – MAR

The recorded move for MAR in the trading session of this news was -0.22%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

The Ritz-Carlton Bellagio will mark one of the most significant luxury hospitality projects in the region and the brand's debut in Italy

BETHESDA, Md., Feb. 28, 2023 /PRNewswire/ -- Marriott International today announced it has signed an agreement with Grimit S.r.l. to bring The Ritz-Carlton brand to Italy, signaling a commitment to strengthening its portfolio of properties across the company's luxury brands in Italy. Through a significant conversion of the former Hotel Grande Bretagne in Bellagio, the brand will bring its legendary service and elegant aesthetic to Lake Como, one of Italy's most coveted destinations.

Expected to open in 2026, the spectacular waterfront property is slated to offer 59 guestrooms and 46 suites, including two Ritz-Carlton suites, featuring beautiful views of the lake and luxurious furnishings. Comprehensive resort facilities are anticipated to include a destination spa complete with an indoor pool, casual and fine dining restaurants, and state-of-the-art meeting and event facilities. Extensive parkland and gardens will reflect the typical landscaping of the country's Lombardy region and are expected to feature a meditation garden, historical walking trail, large outdoor swimming pool, and private boat dock to allow guests effortless access to other renowned destinations on the lake.

"We are thrilled to announce this landmark signing with Grimit S.r.l. and to be part of such an important restoration of one of Italy's most acclaimed destinations for luxury travellers," said Donna McNamara, Vice President and Global Brand Leader, The Ritz-Carlton. "Lake Como is the jewel in the crown of the Italian Lake district and we can think of no better destination to debut The Ritz-Carlton brand in Italy. This incredible development showcases our commitment to thoughtfully growing our iconic brand in destinations where we know our guests want to travel most."

Situated just outside the charming village of Bellagio, which sits on a promontory of land between the two arms of Lake Como, the historic Belle Époque Hotel Grande Bretagne was one of the destination's very first and most distinguished luxury hotels when it opened in 1850. The property fell into disuse at the end of the last century and has since been acquired by the Galbusera family with a clear vision and passion to restore the prestigious reputation of the former grand hotel through an extensive restoration and expansion project.

Spread over a 16,500 square metre estate, the regeneration scheme will be the most notable hospitality development project in the Lake Como area in recent years and will involve a complete conservative restoration and reimagining of the property with the utmost respect for the historical significance of the building.

"As a family, we are deeply rooted in the stunning area of Lake Como and are incredibly proud to be bringing The Ritz-Carlton brand to Bellagio," said Emanuele Galbusera, President of Grimit S.r.l. "Our entrepreneurial spirit has made our family European leaders in the metal coil-coating sector with our business Lampre and we will take great pride in bringing that same dedication and passion to this remarkable project."

The Ritz-Carlton, Bellagio will be strategically located within a fifteen-minute walk of the main tourist attractions in Bellagio such as Punta Spartivento, Villa Melzi and the gardens of Parco Villa Serbelloni. Lake Como is an internationally recognised resort destination famed for its dramatic backdrops and charming towns and magnificent villas, which have acted as the setting for several blockbuster films including Casino Royale and Oceans Twelve. The destination is easily accessible from Milan's Malpensa International Airport in just ninety minutes by car.

About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,300 properties under 30 leading brands spanning 138 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram. 

About The Ritz-Carlton Hotel Company, LLC
The Ritz-Carlton Hotel Company, LLC currently operates more than 100 hotels in 35 countries and territories. For more information or reservations, visit the company web site at www.ritzcarlton.com, for the latest company updates, visit news.marriott.com and to join the live conversation, use #RCMemories and follow along on Facebook, Twitter, and Instagram. The Ritz-Carlton Hotel Company, L.L.C. is a wholly-owned subsidiary of Marriott International, Inc. (NASDAQ:MAR). The Ritz-Carlton is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including complimentary nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-signs-agreement-with-grandi-immobili-italiani-srl-to-bring-the-ritz-carlton-brand-to-bellagio-on-the-shores-of-lake-como-301758078.html

SOURCE Marriott International, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Marriott's new project in Italy?

Marriott's new project in Italy is significant as it marks the debut of The Ritz-Carlton brand in the country, showcasing a commitment to luxury and tourism enhancement in the region.

When is The Ritz-Carlton, Bellagio expected to open?

The Ritz-Carlton, Bellagio is expected to open in 2026.

What amenities will The Ritz-Carlton, Bellagio offer?

The Ritz-Carlton, Bellagio will offer 59 guestrooms, a destination spa, fine and casual dining, meeting facilities, and extensive gardens.

What type of property will The Ritz-Carlton, Bellagio replace?

The Ritz-Carlton, Bellagio will replace the historic Hotel Grande Bretagne, which has a prestigious history dating back to 1850.

How will The Ritz-Carlton, Bellagio impact tourism in Lake Como?

The Ritz-Carlton, Bellagio is expected to enhance tourism in Lake Como by attracting luxury travelers and restoring the historic reputation of the destination.