Vietnamese private conglomerate BIM Group has recruited Squire Patton Boggs into a branded hotel and residence …
Vietnamese private conglomerate BIM Group has recruited Squire Patton Boggs for a branded hotel and residence project in Vietnam, which will be managed by InterContinental Hotels Group (IHG).
Companies in the hospitality and leisure sector were depleting their cash reserves and generating little new income during the lockdown months, resulting in many as JD Wetherspoon, and Basic-Fit, in June, make investments to raise capital.
IHG published a positive business update in March, and has continued its growth plans since then, including announcing plans to open its first new hotel in the Hungarian capital in 23 years last month.
The exploitation of the development on Halong Bay marks the expansion of IHG in the Vietnamese province of Quang Ninh. For BIM, this is the third residency project it is launching with IHG, including Regent Residences Phu Quoc which is currently under development.
The new suite of hotels and residences that was negotiated by Ha Long Investment Development, a subsidiary of BIM Group, will be operated by IHG under its InterContinental brand.
The development, which includes the first international luxury resort and residences located on Halong Bay, Vietnam, is expected to be fully operational in 2023. It will include 60 apartments and 41 villas, with five-star restaurants, bars, swimming pools, gym and kids’ club, meeting rooms and spa.
As the bay’s first international luxury resort, the development will be separated by its own private beach and views of the limestone karst structures of Halong Bay.
“This project complements the long-standing partnership between IHG and BIM Group, and takes hotel and residential offerings in Vietnam to a new level. We are proud to be a part of this historic transaction, ”said Squire Patton Boggs and Recreation Asia Pacific Manager Rahul Parrab in a statement.
In a separate statement, Serena Lim, IHG’s Vice President of Development Southeast Asia and Korea, said, “This signing shows the continued trust our owners have in IHG and our brands and demonstrates the opportunities. long-term growth in the hospitality industry in Vietnam.
BIM Hospitality Manager Adam Riley said, “The Halong Bay region is poised to evolve with a host of exciting new developments to come, and we are confident that the InterContinental brand is the right choice for this location and the development will be a fantastic addition. to our portfolio.
Parrab led a team advising BIM Group, working alongside partners Kevin Lee and Shaista Azam. This is the largest project the team has advised BIM on.
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