Al-Akaria inks deals with Starwood on hotel project

05/06/2016 Argaam

Saudi Real Estate Co. (Al-Akaria) on Sunday signed several agreements with Starwood Hotels and Resorts Worldwide to operate and manage a hotel project, the company said in a statement on Tadawul.

 

The project will be built on a total area of 25,500 square meters in Al-Aqeeq District, Riyadh.

 

The Saudi-based developer has allocated the Westin Riyadh and Element Riyadh brands for the five-star and four-star hotels, respectively.

 

In November 2015, Al-Akaria had inked a letter of intent (LOI) with Starwood Hotels to review agreements for operating and managing its hotels, the statement added.

 

Al-Akaria added that the agreement will continue for 25 years and the deal involves no related parties.

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