Banyan Tree Indochina Hospitality Fund, which
was established and sponsored by Banyan Tree Holdings Limited,
held a groundbreaking ceremony last week for the Laguna Hue, one
of the first fully integrated world-class hospitality projects to
be developed in Vietnam. The ceremony took place in the Chan
May-Lang Co Economic Zone in the Thua Thien Hue Province.
Situated on a 280-hectare beachfront site that
is within an hour’s drive from both Danang and Hue international
airports, Laguna Hue is positioned to be one of the largest
premium integrated resorts and second home destination in Vietnam
and across South East Asia, through which the group will replicate
the success of its flagship destination resort, Laguna Phuket.
The project also
enables the group to gain a foothold in the growing Indochina
tourism industry and to introduce its signature brand of Asian
hospitality to Vietnam. Apart from providing its hotel and spa
management services to the hotels in the development, Banyan Tree
is also the master planner and designer for the development.
When fully developed in accordance with the master plan,
Laguna Hue will have approximately 2,000 hotel keys under the
management of seven international branded hotel and resort
operators, award-wining spas, a championship golf course, resort
residences, convention facilities and a town centre with retail
and recreational facilities.
Apart from enjoying the amenities
within the integrated resort, guests will also be able easily to
access the tourism offerings of the region including the ancient
city of Hue as well as the historical trading port of Hoi An, both
of which are UNESCO World Heritage sites.
of Laguna Hue is funded through the US$283 million Banyan Tree
Indochina Hospitality Fund, the first real estate investment fund
that was established by the group in 2008. The Fund was created to
focus on the development of Laguna Hue as well as other
hospitality investment projects in the Indochina region that are
yet to be identified.
With the successful final closing of the
Fund in June this year, Laguna Hue is now well positioned to
proceed with the development of its first phase. Development costs
for the first phase are estimated at approximately US$200 million,
and will include Banyan Tree Hue and Angsana Hue, which together
will comprise some 350 keys, an 18-hole golf course designed by
Nick Faldo, as well as branded resort residences. The development
is anticipated to open by 2012.
“We have always believed
that Vietnam holds the greatest potential of replicating the
success of our flagship Laguna Phuket destination resort within
Asia. Central Vietnam, with its unique blend of history and
heritage, is a destination like no other in the region. We are
confident it has the potential to flourish as an international
luxury-tourist destination. This first foray into the Indochina
region is a significant milestone for Banyan Tree, and we are
delighted to share this momentous occasion with our valuable
partners in the Fund who have helped to make Laguna Hue a
reality,” said Banyan Tree’s Executive Chairman, Ho KwonPing.
Banyan Tree developed one of Asia’s first and largest
integrated resorts in Laguna Phuket, Thailand. That project spans six hotels,
a golf course and residential developments.
In July this year, the
group secured a contract to manage a 1300-key development under
its sister brand, Angsana Hotels and Resorts. Located in Kunming,
Angsana Fu Xian Lake is expected to open in 2010.
Over the next
few quarters, the group will be pushing ahead with its expansion
plans, with resort and hotel openings expected in Hangzhou, China;
Bali, Indonesia; Ras Al Khaimah, UAE and Acapulco, Mexico.
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