Vietnam Capital City Says "No" to US$200 Mln Hotel Project
Vietnam’s capital city of Hanoi authorities have officially withdrawn a license of a project to build 64-storey hotel in Tuoi Tre (Youth) Park costing US$200 million due to slow development from investors, the Dau Tu newspaper reported Friday.
The project developer-the joint venture of Hanoitourist and Poland’s RAFIN group-received the license in 2007; however, it has carried out to date, Phi Thai Binh, vice Mayor said.
Hanoitourist holds a 20 per cent stake and Poland’s RAFIN group owns a 80 per cent stake in the joint venture’s capital.
The joint venture plans to build the hotel on an area of 20,000 square meters including comprise hotel, commercial center, offices for lease and deluxe apartments.
If built, the 60-storey building to be located in Youth Park would be the second highest in Hanoi behind the 65-level City Complex building in Ba Dinh district.
The Municipal People’s Committee has issued a decision under which Youth Park will be upgraded and planned to satisfy entertainment demand of local people.
Currently, the capital city boasts eight 5-star hotels, as well as six 4-star hotels and 20 three-star hotels which meet only 70 per cent of international tourist demand during this “hot” tourism season.
Hanoi will receive two million international visitors by 2010 and therefore it will be short of 13,000 hotel rooms, especially in 3-star and 5-star accommodation.
Hanoi is not only the tourism center but also tourist distribution center for Vietnam. At present, the number of foreign tourists to Hanoi accounts for 33 per cent of that of the whole country. (Investment)
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