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KBC, Starwood in hotel mgmt. deal   2009-06-11 - SGT

Saigon Invest Group on Tuesday asserted its ambition to further tap the hospitality industry by signing a letter of intent with Starwood Group under which the latter would manage two five-star hotels whose construction would begin next year by the former.

Kinh Bac City Development Share-holding Corporation (KBC) under Saigon Invest Group struck the deal with the leading international hotel management company in HCMC, and a formal contract to this effect will be signed later this year.

According to the agreement, KBC would have Starwood manage its Le Meridien Danang Resort & Spa in the central city of Danang and Sheraton Dalat Resort in the Central Highlands province of Lam Dong, whose combined investment amounts to US$140 million.

KBC is the biggest shareholder of Saigon-Danang Investment Corporation, investor of the Le Meridien Danang Resort & Spa comprising deluxe villas, residences and five-star hotels named Le Meridien in the central coast city of Danang. KBC is also the biggest shareholder of Saigon-Dalat Tourism JSC, investor of the would-be Sheraton Dalat Resort complex consisting of deluxe villas, residences and the Sheraton Hotel in Dalat city.

KBC will start work on the two projects in the middle of next year and completion is scheduled for 2013, an executive of the developer said.

Le Meridien Danang Resort & Spa will require total capital of US$100 million, and is located on an 8.4-hectare area, alongside Son Tra-Dien Ngoc street in Ngu Hanh Son district. This property will consist of 330 rooms with such inclusive facilities as a gymnasium, a swimming pool, groceries, beverage restaurants, and indoor recreational centers and spas, according to KBC.

The complex will be the ideal destination for tourists since it serves as the connection point between Ngu Hanh Son and the three world-recognized cultural heritage sites, namely the ancient town of Hoi An, My Son Sanctuary and the former imperial capital of Hue.

Meanwhile, Sheraton Dalat Resort with total investment of some US$40 million is located on an 18-hectare area near the center of the resort city of Dalat.

The development of deluxe resorts is a further bold step of KBC into the tourism industry following the company’s initial investment in several other hospitality projects, including Robin Hill Resort in Dalat, Lagi Resort & Spa - Ham Tan in Binh Thuan, and Danang Luxury Resort in Danang.

This growth also signifies the diversification of Saigon Invest Group in various business fields and its long-term vision of the potential hospitality industry in Vietnam.

Saigon Invest Group is among the leading public enterprises in hi-tech park development in the country, and is active in various fields such as real estate, infrastructure, ICT sector, finance and banking, manufacturing, construction, and energy among others. Currently, the group owns and manages 20 industrial parks, hi-tech parks and scores of large-scale projects across Vietnam with the total investment of over US$2 billion.

KBC is an affiliate of the group in real estate, industrial parks, resorts and deluxe residences development.

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