Saudi Real Estate inks deal to build Riyadh hotels

Starwood will manage a five-star hotel under its Westin brand, while a four-star hotel will be managed under the group's Element brand

The hotels will be located adjacent to the multi-billion-dollar King Abdullah Financial District.
The hotels will be located adjacent to the multi-billion-dollar King Abdullah Financial District.

Saudi Real Estate Co has signed an agreement with Starwood Hotels and Resorts to build two hotels in Riyadh. 

Starwood will manage a five-star hotel under its Westin brand, while a four-star hotel will be managed under the group's Element brand, Saudi Real Estate said.

The company, which owns the land, did not provide any more details on construction plans for the projects.

The hotels will be located adjacent to the multi-billion-dollar King Abdullah Financial District.

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 provide direct connections to Riyadh's International Airport.

 

 

 

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