Riyadh-Mubasher: Saudi Real Estate Co. (Al Akaria) has received the first draft of all operating and management agreements related to one of its projects with Starwood, the developer said in a bourse statement on Monday.
The company had earlier signed a letter of intent with Starwood as regards its five-star hotel planned to be built on the North Ring Road, Alageg district, Riyadh.
The company is proceeding with negotiations and reviews, and the relevant developments will be duly announced.
Al Akaria's earnings dropped 77.75% in Q4 and 46.56% in FY15.
The stock rose 0.82% to SAR 17.3 on Sunday.
