5-star hotel InterContinental Hanoi Westlake sold to Vietnamese firm

By Nguyen Ha March 2, 2019 | 05:00 pm PT

The InterContinental Hanoi Westlake has one of the best locations in Hanoi. Photo acquired by VnExpress

Malaysia-based Berjaya Group has sold its 75 percent stake in the five-star InterContinental Hanoi Westlake hotel to Hanoi Hotel Tourism Development Company JSC.

Berjaya said the deal was worth VND1.24 trillion ($53.6 million).

The hotel has one of the best locations in Hanoi, being built right on top of the West Lake and close to the capital city's Old Quarter.

Berjaya Group, a conglomerate with interests in consumer marketing, property development, investment, hotels, resorts, and amusement facilities, owned its stake indirectly through T.P.C. Nghi Tam Village JSC (Nghi Tam Village).

It owned 75 percent of Nghi Tam, while the remaining 25 percent is owned by construction and furniture company Thang Long GTC.

Hanoi Hotel Tourism Development was established last October with a charter capital of VND658 billion ($28.35 million).

The $53.6 million value of the sale was worth three times Berjaya's initial investment.

Berjaya Group currently holds a 50 percent stake in another five-star hotel, Sheraton Hanoi Hotel, and owns 70 percent of Long Beach Resort Phu Quoc in Phu Quoc, Vietnam's biggest island off the central coast.