Kinh Bac Urban Development Joint Stock Co. has received approval from the Ha Noi People’s Committee to develop a five-star Lotus Hotel with total investment capital of US$500 million.
Japanese Riviera Group was previously the key investor for this project but it withdrew in April due to financial difficulties.
Located near the National Convention Centre, plans call for the hotel to reach 35 storeys with about 800 rooms. The investment represents the largest amount for a hotel in the capital to date.
The company announced that it was fulfilling the required procedures in an attempt to carry out this project early next year. Phase one was expected to take 24 months, it said.
In a previous statement, the company announced the signing of an investment consultancy contract for construction of a 6,000ha urban area called the Tay Bac Urban Area Complex in HCM City.
The urban area is located next to the Tan Phu Trung Industrial Zone, which is 60 per cent owned by the company.