Thursday, Apr 26, 2012
DUBAI (Zawya Dow Jones)--New York-listed Starwood Hotels & Resorts Worldwide Inc. (HOT) said Thursday it signed an agreement with United Arab Emirates-based conglomerate Al Habtoor Group to open three luxury hotels in Dubai.
"Located on a one million square foot property on Sheikh Zayed Road, the development will include the first St. Regis hotel in Dubai, a stylish W Hotel and a new Westin, adding 1,675 rooms to the city when they open in 2017," the companies said in a joint statement.
No financial details were disclosed.
Located near the Dubai International Financial Centre and Business Bay areas, the development will feature an entertainment venue surrounded by landscaped gardens on over 500,000 square-feet of land, the statement said.
Starwood operates 15 properties in Dubai at present, representing the second largest concentration of the company's hotels in a single city outside of New York. It operates close to 50 hotels in the Middle East, including 23 hotels in the UAE and is set to open more than 30 hotels in the region over the coming years, representing a portfolio growth of more than 50%.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
(END) Dow Jones Newswires
26-04-12 1429GMT
