Raffles Resort Development in Da Nang, Vietnam
|January 30, 2007 - Kingdom Hotel Investments ('KHI'), a hotel and resort
investment company, is pleased to announce the acquisition of a prime beach
site for the development of a luxury resort and residences for sale in
Da Nang, Vietnam.
The resort will be built for approximately US$ 65 million. This will be KHl's first hotel in Vietnam and marks an important milestone in the company's continued expansion in Asia.
Branded as Raffles Da Nang, the proposed resort will open in 2011 and feature approximately 150 hotel suites and 15 private residential villas for sale on 154,000 m2 of direct beachfront land. Raffles Da Nang will be the third international resort in this popular destination, located on the South China Sea.
Recognizing the growing demand for luxury accommodation in this region of Vietnam, KHI selected the property for its private beach front access and proximity to Da Nang, a major city located close to three UNESCO World Heritage sites. The city is a popular stop for holiday travelers and has excellent international airline connections to Singapore, Hong Kong, Bangkok and other key regional markets.
Raffles Da Nang will be KHl's third venture in Asia, following the purchase of the Mövenpick Karon Beach Resort in 2006, and the announcement earlier this year of a land acquisition for the development of a Raffles hotel in Phang Nga near Phuket (Thailand). The Da Nang acquisition was made through a joint venture company, which is 80% owned by KHI and 20% by European Hotels Corporation Ltd (EHC), KHl's joint venture partner in Phang Nga and Marrakech.
KHI continues to explore future expansion opportunities in the region.
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of KHI, said: "Vietnam is one of Southeast Asia's fastest growing economies and is ranked as having the 6th highest growth forecast in the world according to the World Travel & Tourism Council. As inbound leisure and business tourism increases, we will be well positioned to offer the market a leading international hotel property."
Sarmad Zok, Chief Executive Officer of KHI, said: "Raffles Da Nang Resort
and Residences is ideally located on a pristine beachfront site on the
famous China Beach, with a strong ancillary real estate offering. This
transaction successfully demonstrates the company's ability to grow within
Asia's emerging markets and be a leading player in an area fast becoming
one of the most popular tourist destinations in the world."
About Kingdom Hotel Investments ('KHI")
About Fairmont Raffles Hotels International, Inc.
Kate Holgate/Laura Cummings
|Also See:||Entities Led by Isadore Sharp, Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and Bill Gates Make Offer to take Four Seasons Hotels Private for $3.7 Billion, or $82 Per Share in Cash / November 2006|
|Kingdom Hotels International and Colony Capital Complete Acquisition of Fairmont; The Fairmont and Raffles' Portfolios Now Combined with 120 Hotels in 23 Countries, Headquartered in Toronto / May 2006|
|Raffles Knowledge, the Subsidiary Training Arm of Raffles International, Offers Eighteen-month Hospitality Management Diploma Programme in Ho Chi Minh City, Vietnam / June 2004|