Singaporean group sells Duxton Saigon Hotel for $49 million

VietNamNet Bridge - Low Keng Huat of Singapore has completed the sale of Duxton Saigon Hotel on Nguyen Hue Pedestrian Street, District 1, Ho Chi Minh City for an anonymous investor with a transaction value of $49 million.


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Savills Vietnam recently announced this M&A deal, adding that negotiations took place within one year.

The hotel has 191 luxurious rooms, 16 meeting rooms and many other amenities. This is one of the hotels located in a prime location on Nguyen Hue Street, just a few minutes walk from the Ho Chi Minh City People’s Committee building.

Earlier, in the second quarter 2016, Asiana Airlines - the second largest airline in South Korea - sold 50% stake in the Kumho Asiana Plaza for Saigon Boulevard Holdings - a subsidiary of Mapletree Group (Singapore). The deal worth $107.5 million was completed on June 9.

This complex has many works from high-end to luxury class: a 5 star hotel, Grade A serviced apartments, a business center, restaurants, conference halls... The building has three facades to the busiest streets of District 1, HCM City.

This is thebiggest acquisition of Mapletree for a complete property in Vietnam.

Savills forecasted that the interest of investors will continue to increase with multiple transactions in the hotel property market to be made in 2016.

According to this firm, in recent years, Vietnam has become one of the tourist destinations with the fastest growth rate in Southeast Asia. This growth is made by a large number of international hotels, the rapidly increase of direct flights, together with open policies on visas and significant investment in infrastructure.

Following the increase in international passengers at 7.9 million in 2015, the number of international visitors to Vietnam in the first quarter of 2016 was about 2.5 million, up 20% over the same period last year. Similarly, the number of domestic tourists increased by 48% in 2015 and reached an average of about 14% per year over the past 10 years.

Nam Son

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