Japan, Singapore Investors Team up to Build Hotel Complex in Vietnam
C.R.D-Singapore under the Riviera Corporation and Japan-based CSK Finance March 11 got a license to build a $250 million hotel complex in Hanoi, the capital city of Vietnam.
Located near the National Convention Center, the 15-storey hotel complex will be home to restaurants, sports center, shopping mall and other entertainment facilities.
Work on the project will be kicked off in June, 2008 and will be finished by the second quarter of 2010.
Currently, Hanoi boasts 34 hotels ranked 3-5 stars, which meet only 70% of international tourist demand during “hot” tourism seasons.
The city will receive two million international visitors by 2010 and therefore it will be short 13,000 hotel rooms, especially in 3-star and 5-star accommodation.
Hanoi is the tourism center and a tourist distribution center for Vietnam. At present, the number of foreign tourists to Hanoi accounts for 33% of that of the whole country. (Vietnam Economic Times, New Hanoi)
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