31 January 2007
Kingdom Hotel Investments (KHI), the leading hotel and resort investment company, has announced the acquisition of a prime beach site for the development of a luxury resort and residences for sale in da Nang, Vietnam. The resort will be built for approximately $65 million. This will be KHl's first hotel in Vietnam and marks an important milestone in the company's continued expansion in Asia.
Branded as Raffles da Nang, the proposed resort will open in 2011 and feature approximately 150 hotel suites and 15 private residential villas for sale on 154,000 square metres of direct beachfront land. Raffles da Nang will be the third international resort in this popular destination, located on the South China Sea.
Recognising the growing demand for luxury accommodation in this region of Vietnam, KHI selected the property for its private beachfront access and proximity to da Nang, a major city located close to three United Nations Educational, Scientific and Cultural Organisation World Heritage sites. Raffles da Nang will be KHl's third venture in Asia, following the purchase of the Moevenpick Karon Beach Resort last year and the announcement earlier this year of a land acquisition for the development of a Raffles hotel in Phang Nga near Phuket. Thailand.
Prince Alwaleed bin Talal bin Abdulaziz Alsaud, KHI chairman, said: "Vietnam is one of Southeast Asia's fastest growing economies and is ranked as having the sixth highest growth forecast in the world, according to the World Travel and Tourism Council.
Sarmad Zok, KHI chief executive officer, said: "Raffles da Nang Resort and Residences is ideally located on a pristine beachfront site on the famous China Beach, with a strong ancillary real-estate offering. The transaction successfully demonstrates the company's ability to grow within Asia's emerging markets and be a leading player in an area fast becoming one of the most popular tourist destinations in the world."
Kingdom Hotel Investments (KHI), the leading hotel and resort investment company, has announced the acquisition of a prime beach site for the development of a luxury resort and residences for sale in da Nang, Vietnam. The resort will be built for approximately $65 million. This will be KHl's first hotel in Vietnam and marks an important milestone in the company's continued expansion in Asia.
Branded as Raffles da Nang, the proposed resort will open in 2011 and feature approximately 150 hotel suites and 15 private residential villas for sale on 154,000 square metres of direct beachfront land. Raffles da Nang will be the third international resort in this popular destination, located on the South China Sea.
Recognising the growing demand for luxury accommodation in this region of Vietnam, KHI selected the property for its private beachfront access and proximity to da Nang, a major city located close to three United Nations Educational, Scientific and Cultural Organisation World Heritage sites. Raffles da Nang will be KHl's third venture in Asia, following the purchase of the Moevenpick Karon Beach Resort last year and the announcement earlier this year of a land acquisition for the development of a Raffles hotel in Phang Nga near Phuket. Thailand.
Prince Alwaleed bin Talal bin Abdulaziz Alsaud, KHI chairman, said: "Vietnam is one of Southeast Asia's fastest growing economies and is ranked as having the sixth highest growth forecast in the world, according to the World Travel and Tourism Council.
Sarmad Zok, KHI chief executive officer, said: "Raffles da Nang Resort and Residences is ideally located on a pristine beachfront site on the famous China Beach, with a strong ancillary real-estate offering. The transaction successfully demonstrates the company's ability to grow within Asia's emerging markets and be a leading player in an area fast becoming one of the most popular tourist destinations in the world."
© Bahrain Tribune 2007
