Bahrain-based International Investment Bank (IIB) has announced that its mixed-use real estate development in Sarajevo has signed a memorandum of understanding (MOU) with Starwood Hotels and Resorts concerning the project's second tower, which would house a luxury five-star hotel.

Sarajevo City Centre (SCC), which is based in Sarajevo, the capital of Bosnia and Herzegovina, is a partnership between IIB and Saudi-based business group Al Shiddi Group.

The MOU covers the development of the project's second tower, which would house a 227-room luxury five-star hotel covering an area of more than 20,000 sq m. The hotel is to be a Westin property, managed according to the principles of Islamic Sharia, and is scheduled for opening in the first quarter of 2016.

Saeed Abdul Jalil Al Fahim, chairman of IIB, said: “This project is one of a kind in the country, and full credit goes to the operations team managing the project on the ground. SCC has already proven to be a success with 85 per cent of the mall being leased prior to completion, housing brands such as Zara, Swarovski, Bershka, L’Occitane, Massimo Dutti, Tissot and Nike to name a few. We are also proud to be stimulating the local economy, having employed over 1,600 Bosnians since the project began. The addition of the Starwood Group Westin property to SCC cements its standing as a quality development in the region, and will serve the high demands of a country that has a booming tourism industry for much of the year.” – TradeArabia News Service