Singapore's Banyan Tree to Build US$900M Resort in Central Vietnam
Singaporean luxury resort developer Banyan Tree will build a large resort near the historic city of Hue at an estimated cost of US$900 million.
The 280- hectare beachfront resort will be home to seven hotels with a total of 2,000 rooms, a golf course, residences and convention facilities.
The resort is about one hour's drive from Hue, an ancient imperial capital in central Vietnam and a United Nations Educational, Scientific and Cultural Organization (UNESCO) heritage site.
The first phase of the project, comprising two hotels, the golf course and residences, is expected to open in 2012 and will cost around US$200 million, the Singaporean firm said in a recent statement.
Banyan Tree manages or owns 26 hotels and resorts in Asia, most of them under the Banyan Tree and Angsana brand names.
The firm has been expanding aggressively in recent years and is in the process of opening resorts in Bali, Indonesia; Hangzhou, China; Acapulco, Mexico; and Ras Al Khaimah in the United Arab Emirates. (News, Investment)
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