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.
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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)