Marriot opens the door to Vietnamese market

The US company last week signed a memorandum of understanding with Bitexco to manage a five-star hotel with 500 rooms to be built within the premises of the National Convention Centre, the major venue for Asia Pacific Economic Leaders’ Meeting last November.
The Marriott Hanoi Hotel will cost $75 million to build and is expected to open for business by the end of 2009. Bitexco has selected US architecture company Carlos Zapata Studio, the designer of the 68-storey Financial Tower in Ho Chi Minh City, to design the hotel.
Marriott Hanoi Hotel will join an increasing number of hotels to be developed around the National Convention Centre. At least five other five-star hotels will be built in this area, which used to be paddy fields.
South Korean company Charmvit Group is working with the plan to invest $80 million in a 564-room hotel in Southeast Tran Duy Hung new town development, opposite to the Big C super centre.
Japan’s Riviera has been selected to be the developer of a four-hectare site in the rear of the convention centre where it plans to invest $500 million to build a 550-room hotel and housing, office accommodation.
South Korean company Keangnam has competed with Riviera to develop the site but it has to move out to a new location in Cau Giay new town development to build a hotel, office and residential complex to the estimated cost of $500 million.
In the front of the convention centre, Orix Group from Japan and UOL from Singapore have entered into a join venture with Viglacera to build 1,000 apartment units, a shopping mall, an office tower and a five-star hotel with 300 rooms. The interest in five-star hotels around the National Convention Centre has been on the rise as hotel supply in downtown Hanoi can not meet demand during peak season. It is difficult to acquire a large site in the downtown for five-star hotel and developers have to move out to the areas around the centre because of its good infrastructure and rapid development of housing and commercial properties.
Bitexco chairman Vu Quang Hoi said: “Our hotel is the only one within the National Convention Centre where demand for lodging is on the rise due to increasing number of meetings and events held there.”
The centre has floor space of 67,000 square metres and boasts the largest ballroom in the country able to seat up to 3,800 people.
The Marriot Hanoi is the first hotel project by Bitexco, a high-profile local developers, which has built two Manor condominium projects in Hanoi and Ho Chi Minh City. It is building the $32 million Garden shopping mall officetel in Hanoi and $125 million Financial Tower in Ho Chi Minh City.
Bitexco is also working with plans to build a twin towers and a 10ha residential and commercial complex in the second city and a golf resort in Hanoi.