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The Next Fashion Hotel: Cerruti
By J.J. Martin
MILAN, Mar 15, 2003/ FWD/ --- What would Nino Cerruti think of his name printed in fancy gold lettering on a hotel door? Fin.part, the current owner of the fashion house he founded, is about to find out. The Italian retail group, led by CEO Gianluigi Facchini, has just signed a 15-year licensing deal with Rezidor Hospitality to create a series of lifestyle hotels around the globe that will bear the iconic designer's name.
This could have hailed another round of blows between Cerruti and Facchini. The designer, however, who left the company abruptly after selling a majority stake to Fin.part in 2001, says he has let go of the bitterness. Reached at his home in Biella, Italy, the 70-year-old designer said, "I simply don't care anymore about these things. I'm not going to waste my time thinking about what they are doing. There are many more important things in life."
He later commented, "You know, I wouldn't be surprised if it never happened. How long has Bulgari been talking about those hotels of theirs? I haven't seen a thing." Bulgari Hotels & Resorts, a joint venture between Bulgari and the Luxury Group of Marriott International, Inc., was established in February 2001.
Bulgari's timetable may have had a revision or two, but the Fin.part-Rezidor deal is already moving forward. In fact, papers have been signed for the first property to open within 16 to 18 months in Brussels. The lifestyle hotels, 10 of which are slated to open in the next five years, will feature a classically chic décor in the spirit of Cerruti's aesthetic. The properties will be either newly built or historic building conversions, and each will feature hip restaurants, Cerruti Cafes, Enotecas, and spas. No conference facilities will be offered.
Facchini is banking on the hotel project and the overall revitalization of the Cerruti brand to help rescue his group's performance; Fin.part's stock continues to spiral downwards. Facchini told Milano Finanza Thursday that the alliance was "an extraordinary vehicle for the brand which will permit us to continue our relaunch plans for Cerruti with a minimal investment." Cash-strapped Fin.part, founded in 1996, anticipates highly attractive net royalties of nearly $1 million euros per year for the deal.
Kurt Ritter, President & CEO of Rezidor SAS Hospitality, is just as enthused. "This is the fulfillment of one of my long-cherished dreams," he said in a statement. "Lifestyle hotels with a Mediterranean touch are not only very much to my personal taste but also ideally enhance our brand portfolio".
Rezidor currently counts Radisson SAS, Regent, Country Inn and Park Inn as holdings in its hospitality portfolio.
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