VinaCapital draws down fund

November 27, 2012 | 10:25

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VinaCapital, one of the biggest fund managers in Vietnam, is putting its stake in two five-star hotel projects for sale.

The information was confirmed by a representative from VinaCapital, that has controlling stakes in Dong Hai Tourism-Real Estate and A-1V International Vietnam, owners of Sheraton Nha Trang Hotel & Spa and Movenpick Saigon.

VinaCapital, however, declined to answer questions about the ownership percentages in the two companies for sale and their prices. However, VIR learned the stake offered in Sheraton Nha Trang Hotel & Spa was 82.39 per cent and 70 per cent in Movenpick Saigon.

The Sheraton Nha Trang Hotel & Spa, which opened its doors in March 2010, was last year listed as top 20 best affordable beach resorts in the world by Travel and Leisure Magazine.
The 30-storey hotel comprises 285 five-star hotel rooms, restaurants, spa, gym and conference rooms.

Situated in Ho Chi Minh City’s Phu Nhuan district, the 278-unit Movenpick Saigon formerly was known as the Omni Saigon.

In 2007, via Vina Hospitality, VinaCapital acquired a 52.5 per cent stake in A-1V International Vietnam worth $16.7 million. Its total net income in 2012 is expected to be around $4.4 million.

Despite the possible sale of two hotels, a VinaCapital representative said that it still believed in the potential of hospitality industry and the movements were an investment fund’s normal operations after a certain period of investment.