The Ho Tram Grand Strip resort in the southern Ba Ria-Vung Tau Province was sold in April to a unit of U.S. private equity firm Warburg Pincus. The U.S. firm bought a 62.8 percent stake in Canada’s Asian Coast Development, which owned the $4.2 billion development comprising hundreds of rooms and a casino. In Hanoi, Malaysian conglomerate Berjaya Group sold a 75 percent stake in the Intercontinental hotel near the West Lake in March to local firm Hanoi Hotel Tourism Development Co., Ltd for $53.4 million. Foreign investors are showing interest in Vietnam, making it one of the most talked-about markets in the Asia Pacific, as prices of hotels in the country are higher than their expectations, said Vo Quoc Phuong Trang, vice president real estate consultancy Jones Lang LaSalle (JLL) Hotels & Hospitality Asia Pacific. Vietnamese investors on the other hand prefer building new hotels and resorts, she added. ”Domestic investors’ interest in hotel investments has been growing in recent years, and they are willing to pursue deals of large value, sparking fierce competition with foreign investors.” Hanoi and Ho Chi Minh City are expected to remain the top two cities for hospitality investment, followed by coastal tourist hotspots Da… Read full this story
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