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VietNamNews

Local firm swallows luxury hotel

Update: March, 20/2012 - 16:35

 

Deawoo hotel_file Photo
HA NOI – HANEL, the country's leading electronics maker, recently acquired the five-star Daewoo hotel, becoming one of the few local companies to buy up foreign stakes in Viet Nam.

According to the newspaper Dien Dan Doanh Nghiep (Business Forum), the Ha Noi Electronics Corporation bought a 70 per cent stake from the Korean-backed Deawoo Group to become sole owner

Viet Nam News was unable to contact HANEL officials, but a source said the value of purchase was US$100 million.

Opened in 1996, the hotel was a $177 million joint venture project between Daewoo Corp and HANEL, who previously held a 30 per cent stake in the hotel.

Located at the western gateway of Ha Noi and adjacent to Thu Le Zoo, the 411 room establishment covers an area of 29,500sq.m.

The facility became one of the 312 leading luxury hotels in the world during April 1997 and received the Architectural Award for "Viet Nam's TOP 20 Building Designs" in 2008. – VNS

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