Singaporean Developer Sells Vietnam Hotel for $ 49 Million: Report | Business

Singaporean developer Low Keng Huat Limited reportedly sold a four-star hotel in downtown Ho Chi Minh City to an undisclosed investor for $ 49 million.

The sale of the Duxton Hotel Saigon on Nguyen Hue Street has been confirmed by research firm Savills Vietnam, news site VnExpress reported on Wednesday.

It was the fourth reported acquisition in the Vietnamese hotel industry this year.

Last month, South Korean airline Asiana Airlines reportedly sold a 50 percent stake in Kumho Asiana Plaza, a resort and hotel complex also located in District 1, to Saigon Boulevard Holdings for $ 107.5 million. The buyer is a subsidiary of Singaporean developer Mapletree Investments Pte.

In April, Que Huong Liberty Corporation, which owns several hotels in HCMC, announced that it had sold the Novotel Saigon Center, another four-star hotel in the city center, to a Vietnamese investor for $ 46.7 million.

In Hanoi, local hotel company BRG Group recently bought the four-star Sedona Suites Hanoi in Keppel Land Vietnam in Singapore for $ 31.5 million, local media reported.

Given Vietnam’s growing popularity with foreign tourists, Savills predicts that the local hotel industry will see more mergers and acquisitions this year, according to VnExpress.

Official figures showed Vietnam’s international arrivals increased 21.3 percent year-on-year to over 4.7 million in the first six months.

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