New milestones in Vietnamese foreign hotel investments
Two of Vietnam’s richest groups have made significant progress in their ambition to become Vietnam’s largest hotel chain developers abroad.
On July 31, Vietnamese real estate developer Hoang Anh Gia Lai Co (HAG) held the opening ceremony of its 5-star Melia Yagon Hotel, part of its HAGL Myanmar Centre project in Yangon City.
The project’s construction has been divided into two phases. The first phase, worth $210 million and slated between 2013 and 2016, included a trade centre, two 27-storey office towers, and a 5-star hotel. Currently the shopping mall and the office areas’ occupancy rates are at 95 and 61 per cent, respectively.
The $230-million second phase will be implemented between 2016 and 2018, with five residential blocks of 1,134 luxury apartments and an office tower.
Having the total investment capital of $440 million, HAGL Myanmar Centre is the biggest foreign-invested property project in Myanmar to date. It would create about 2,500 jobs for local residents and pay millions of dollars in taxes to Myanmar every year.
Established in 1993 with the initial name of Hoang Anh Pleike Private Enterprise, the group was transformed to Hoang Anh Gia Lai Group in 2006. Its operations focus on two main sectors, namely real estate and agriculture.
On July 28, Muong Thanh Hotel Group inaugurated the 5-star Muong Thanh Luxury Vientiane Hotel in the capital of Laos, Vientiane.
One of the tallest buildings in Laos, the 37-storey Muong Thanh Luxury Vientiane Hotel, with 331 rooms of international five-star standards, can accommodate 700 customers. Together with restaurants and bars capable of hosting up to 400 guests, the hotel also has a conventional mall to welcome nearly 1,000 people, along with entertainment and fitness services.
After 20 years of operation, Muong Thanh Group currently owns the largest private hotel chain in Vietnam, with 50 hotels to provide 6,500 rooms, meeting 10 per cent of the country’s tourism accommodation demand.
Source: VIR
