Bulgari Hotels & Resorts, the joint venture company formed by Bulgari, the Italian jeweller, and the Luxury Group of Marriott International, has signed a lease agreement for its first hotel in downtown Milan.

The five star hotel with 52 rooms and suites, a spa, pool and a presidential suite, is the first project from the joint venture which expects to invest around $140m over the next five years in developing similar sites. The companies is considering sites in London, Rome, Paris, New York, Miami, Southern California and island resorts.