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NEW YORK (AP) - Hotel operator Starwood Hotels & Resorts Worldwide Inc., owner of the W Hotel chain, on Monday said it has agreed with Al Futtaim Group, a Dubai developer, to build its first hotel in the Middle East in Dubai Festival City, United Arab Emirates.
Financial terms were not disclosed. The 350-room hotel, which will be designed by architect Jean Nouvel, is scheduled to open in 2008.
Dubai Festival City is a privately funded mixed-use development in the Middle East with plans for 2.6 million square feet of retail space, 90 restaurants, a marina, 20,000 residential units and a golf course.
Shares of Starwood rose 85 cents to $64.46 in midday trading on the New York Stock Exchange.
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