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US firm signs local developer to build resorts   2009-06-09 - ThanhNien

US-based Starwood Hotels and Resorts Worldwide will sign today an agreement with Saigon Invest Group to develop two resorts in Da Nang City and Da Lat Town.


The 330-room Le Meridien Danang Resort and Spa, spread over 8.4 hectares, will have an investment capital of US$100 million, while the $40 million Sheraton Dalat Resort and Spa will cover 18 hectares and have 150-200 rooms.

The properties will be developed by the Kinh Bac Corporation, an affiliate of Saigon Invest Group which has a total capital of VND3,000 billion (US$166.7 million). Kinh Bac invests in industrial parks, tourism and household properties.

The group, with a $2 million asset, runs 20 industrial and hi-tech parks nationwide.

Starwood has a total asset base of $14 billion with 520 hotels including Sheraton, Le Meridien, St. Regis, the Luxury Collection, W Hotel, and Westin. The US firm operates 250 hotels in the Asia Pacific region, including 103 projects under construction.

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