Saudi Real Estate, Starwood agree on Riyadh project

Sun Jun 5, 2016 9:49am EDT
 
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DUBAI (Reuters) - Saudi Real Estate Co 4020.SE has agreed with U.S. firm Starwood Hotels and Resorts HOT.N to build two hotels next to a district of Riyadh which the government plans to develop into an international business zone.

Starwood will manage a five-star hotel under its Westin brand and a four-star hotel under its Element brand, Saudi Real Estate, which owns the land, said on Sunday without giving details of construction plans.

The project will be adjacent to the multibillion-dollar King Abdullah Financial District, the company said. The district was launched in 2006 to house banks and the financial regulator but has struggled to attract tenants.

The government said in April that it would rescue the financial district by transforming it into a special business zone with competitive regulations, visa exemptions for foreigners working there, and direct connections to Riyadh's international airport.

(Reporting by Andrew Torchia; Editing by Toby Chopra)

 
A doorman's hat at Sheraton hotel, a brand of Starwood Hotels & Resorts Worldwide, is pictured in Warsaw February 24, 2012.  REUTERS/Kacper Pempel