Hoang Anh Gia Lai to sell its last hotel

By Anh Tu October 2, 2023 | 06:05 pm PT

Hoang Anh Gia Lai Hotel in the central province of Pleiku. Photo courtesy of the company

Agriculture firm Hoang Anh Gia Lai (HAGL), once a major property developer, wants to sell its last hotel in the central highlands to pay off debts.

HAGL has approved a plan to sell the Hoang Anh Gia Lai Hotel in Pleiku Province to redeem bonds from state-owned lender BIDV. It did not reveal the valuation of the assets.

The company owed BIDV VND5.27 trillion ($216.87 million) by the end of June.

The hotel began operation in 2005 with 117 hotel rooms. The company used to have four hotels and resorts in Pleiku, Quy Nhon, Da Lat and Da Nang.

But in recent years it has been transitioning to agriculture with a focus on banana farming.

HAGL also said recently that it had planned a private placement of 130 million shares at VND10,000, and would use the proceeds of VND1.3 trillion to repay debts and provide working capital to subsidiaries.