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BANYAN Tree's Laguna Hue resort in Vietnam, which will give the group a foothold in the growing Indochina tourism market, is set to open by 2012.
The project, on a 280 ha beachfront site, broke ground yesterday, with Vietnam's Prime Minister Nguyen Tan Dung as guest of honour at the event which was also attended by Banyan Tree's executive chairman Ho Kwon Ping.
The Laguna Hue is in the Chan May-Lang Co Economic Zone in Vietnam's Thua Thien Hue Province. Funding for the project is from the US$283 million Banyan Tree Indochina Hospitality Fund - the first real estate investment fund started by the group, in January 2008. The fund closed successfully on June 30 this year.
The first phase of the project is estimated to cost about US$200 million and includes the Banyan Tree Hue and Angsana Hue with a total of 350 rooms, an 18-hole golf course and residential units.
When fully developed, Laguna Hue will have about 2,000 hotel rooms under the management of seven international operators. It will have convention facilities, a marina and a town centre with retail and recreational facilities.
Banyan Tree is master planner and designer of the development, and will provide its hotel and spa management services to the hotels.
The Laguna Hue will be one of the largest premium resorts in South-east Asia, through which the Banyan Tree aims to replicate the success of its flagship Laguna Phuket resort.
It is envisaged that Laguna Hue can leverage on Laguna Phuket's strong brand reach and awareness, through cross-marketing, events and sales distribution.
'We have always believed that Vietnam holds the greatest potential for replicating the success of Laguna Phuket,' said Mr Ho.
'With its pristine beaches and unique blend of history and culture, Vietnam has tremendous potential as a luxury tourist destination and we are proud to be here at the beginning of central Vietnam's expansion into the international tourism industry.'
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