Ktetaichinh’s Blog

February 9, 2009

Hotels spring up everywhere as investors flock to Viet Nam

Filed under: Uncategorized,đầu tư — ktetaichinh @ 8:19 pm

from Vietnam Business News by Admin VietBusinessNews –

Viet Nam continues to be attractive to hotel investors. Though the country’s tourism sector has been hit by the global economic recession, the same as the rest of the world, international hotel management groups are still looking to penetrate and expand their presence in the Vietnamese market. MGM MIRAGE, one of the world’s leading hotel service and entertainment companies, is the nation’s newest arrival, after signing a co-operation agreement with investors from the Ho Tram Tourism Site in the southern province of Ba Ria – Vung Tau. The executive director of the company for the Ho Tram Tourism Site project, who is also general director of Canada’s Asian Coast Development Company (the investor), David Subotic, said that MGM MIRAGE would help manage the first of five resorts in this US$4.2 billion project. Subotic said that the first resort at the site would have 1,100 rooms in its five-star hotel. The first stage of the project would begin by 2011 and include a golf course designed by champion golfer Greg Norman, he said. Lloyd Nathan, an MGM MIRAGE official, said that the group would apply professional knowledge and experience in the development and management of resorts around the world to the Ho Tram project. Other groups who came to Viet Nam prior to the MGM MIRAGE will also expand their presence in the country, via the management of new hotels and investments in new projects. One such group is Accor. Its deputy chairman, Patrick Basset, has said that the group would manage and invest in more than 10 hotel projects being built throughout Viet Nam. Accor currently manages Mercure Hue Gerbera in Hue and Mercure La Gare in Ha Noi. Basset said that these two projects would open within the year. “Accor will hold 20 per cent among investments in 10 hotels in the city, and in tourism sites all over the country,” he said. Starwood, a hotel and resort management group from the US, has signed contracts to manage the Westin Resort&Spa with 300 rooms in Cam Ranh in the central province of Khanh Hoa. This project will be put into use by 2012, with capital of $100 million. Starwood now manages two Sheraton hotels in HCM City and Ha Noi, and it will also manage the third Sheraton hotel in Nha Trang. The hotel will open mid-2009, with 281 rooms in 30 storeys. Another firm in the hotel management sector, the InterContinental, also has plans to open a new hotel in HCM City this year, after more than one year managing its Ha Noi location. With the tourism sector’s goal to attract 5 million visitors this year, experts have said that Viet Nam would still have a lot of land for hotel business groups to exploit, as the market was still quite moderate as compared to other regional countries like Singapore, which had set a target to lure 9 million visitors, and Thailand, who predicted 14 million. (VNS)

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