Starwood Hotels & Resorts (HOT.N: Quote, Profile, Research) and France's Accor (ACCP.PA: Quote, Profile, Research) are in talks with authorities in Dubai to open a 2 billion pound ($4.02 billion) hotels and offices complex in the UAE emirate, The Times reported on Monday on its Web site.
"There's no deal at the moment, beyond that we don't comment on rumors and speculation," said Starwood spokeswoman KC Kavanagh.
Accor declined to comment on the report, which said the complex would be in the new Dubai World Trade Centre (DWTC) district.
"DWTC is understood to be talking to both Starwood and Accor," The Times said, quoting a source as saying: "We are talking to very high-end five-star operators."
Accor already operates a 400-room Novotel hotel and a 200-room hotel on the site of the WTC, as well as a Sofitel nearby. The group plans to open a second Sofitel in September. |
Email this article
Printer Friendly Version
Dubai is a city in the United Arab Emirates that is built around the principles of free trade, foreign investment, and sound business practices. It was Sheikh Maktoum bin Hasher Al Maktoum who declared Dubai as a free port in 1901, abolishing all tariffs. The Dubai property market is setting the standards for property development throughout the world
