Chanel's Karl Lagerfeld is set to open a chain of hotels

Karl Lagerfeld may be best known as the creative director of fashion label Chanel and as a universal style icon but now he's branching out into the hospitality business.

The 83-year-old designer has just announced that he will be opening up a chain of Karl Lagerfeld hotels, with the first set to open its doors in the Chinese region of Macau in 2018.

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Lagerfeld already collaborated with Paris hotel Le Crillon and the Metropole in Monaco, however his new venture will see him design the entire hotel and other ventures.

According to WWD, his new empire will include hotels, residential properties, restaurants and private nightclubs.

"Expanding our brand into the hospitality sector reflects our greater vision to broaden Karl Lagerfeld's comprehensive lifestyle experience," said Pier Paolo Righi, CEO and president of Karl Lagerfeld the brand, in an official statement.

Lagerfeld will be following in the footsteps of famous fashion houses such as Versace, Armani, and Bulgari in expanding his collection from clothes, bags and perfume to hotel resorts.

The new business venture already has a website up and running at karllagerfeldhotels.com however they are still scouting location for all the hotels.

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