Vietnam developer backs Mövenpick Resort Phu Quoc

Mövenpick Hotels & Resorts has signed a deal with Ngoi Sao Cua Duong Joint Stock Company to manage the Mövenpick Resort Phu Quoc, which will be developed by MIK Land and is expected to cover 127 acres of Phu Quoc Island. Financial details of the agreement were not disclosed.

The resort will have 250 hotel rooms, 100 residences and 50 pool villas when it opens in 2017. Phu Quoc Island currently has more than $6.8 billion being invested into development projects.

Mövenpick Hotels & Resorts President & CEO, Jean Gabriel Pérès noted in a statement that the project would bring the operating company's Vietnam portfolio to three properties by 2018, and would also make it easier for Mövenpick Hotels & Resorts to manage similar large-scale destination resort developments across Asia, where it is looking to expand

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Mövenpick Hotels & Resorts already operates the 154-room Mövenpick Hotel Hanoi and plans to open its second property in Vietnam, the 229-room Mövenpick Resort & Spa Quy Nhon, in 2018.

According to the Vietnam Economic Times, developer MIK Land has also signed a strategic cooperation agreement with two construction and design consultancy groups--the Hoa Binh Construction Group and Baumschlager Eberle Vietnam--to implement projects of MIK Land in Vietnam.


 

Suggested Articles

Hotel investment in Spain and Portugal has not yet reached its peak, with the appetite for urban hotels expected to grow this year.

Meliá Hotels International's Gabriel Escarrer discusses the group's work to become more environmentally friendly.

The recent spate of deals involving resorts has drawn investors to the sector, with groups such as Blackstone looking to build platforms.