US-based Starwood Hotels & Resorts Worldwide Inc. will manage two five-star resorts the Saigon Investment Group (SGI) plans to build in Vietnam.

The Saigon Investment Group plans to build a five-star resort in Da Nang (seen in photo) in 2013 and has taken on board US-based Starwood Hotels & Resorts to manage it

The two signed a contract June 9 for the US$100 million Le Meridien Da Nang Resort & Spa and $40 million Sheraton Da Lat Resort & Spa.

The 330-room Le Meridien will come up on Son Tra – Dien Ngoc Street in Da Nang and the Sheraton will have 150 to 200 rooms and will be located at the centre of Da Lat.

Work on the two properties is expected to start next year and finish in 2013.

SGI operates 20 industrial zones and high-tech industrial zones and has interests in real estate, information technology, telecom, banking and finance, tourism, and construction.

Starwood is one of the world’s leading groups in entertainment and hospitality, managing over 940 properties all over the world.