As expected, the Italian luxury group BULGARI has announced the creation of a joint-venture with LUXURY GROUP, the luxury hotel division of the American group MARRIOTT INTERNATIONAL ($19 bn turnover in 2000, with 2,200 hotels in the world). The aim of the two partners is to develop a new international chain of "contemporary Italian-style" hotels representing an overall investment of $800 million by 2005. See yesterday's E.I..