By Sharen Kaur - Published in NST Property - Mac 10, 2023
The gold-gilded Dolce by Wyndham Hanoi Golden Lake Hotel, which has tiles plated in 24k gold, is on the market for a starting price of US$250 million.
Nguyen Huu Duong, who is chairman of Hoa Binh Co., Ltd., and owner of the hotel, reportedly said that the facility would be put up for sale this month.
Duong, a wealthy entrepreneur known as "Duong beer" told cafef.vn that there are presently about 10 prospective investors negotiating the price, which is US$250 million. He did, however, anticipate a greater price due to the hotel's valuable commercial worth.
Wyndham Dolce by Dolce Hanoi Golden Lake is Hanoi's first gold-plated hotel, located near Giang Vo Lake in the Dong Da neighbourhood. The hotel opened in July 2020 after about 18 months of building and a total investment of more than US$100 million.
The hotel has 24 floors and 360 rooms, which reportedly cost up to US$1,000 a night. The lobby door, elevator doors, and interior furniture are all gold-plated.
According to Duong, the reason for the sale is because Hoa Binh's social housing project was denied a building permit by the Hanoi People's Committee, causing the company to face a tough cash flow scenario and be forced to sell assets to resolve liquidity.
Hoa Binh's net revenue in 2019 was VND1,726 billion (US$72.76 million), with a net profit of VND322.7 billion (US$13.6 million). Its profit margin on sales was around 19 per cent.
The company's total assets at the end of 2019 were VND9,072 billion (US$382.43 million), and equity was VND953.1 billion (US$40.18 million).
Article appeared here:
https://www.nst.com.my/property/2023/03/887710/gold-gilded-dolce-wyndham-hanoi-golden-lake-hotel-market-over-rm1bil?utm_source=nst&utm_medium=mostpoplatest
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