Saigontourist plans to buy out hotels overseas

      Buy-outs of a series of hotels in other countries are either under negotiation or in consideration of Sai Gon Tourism Corporation (Saigontourist), the company’s General Director, Nguyen Huu Tho said on June 24th.
The director reported the company is planning to buy 5 hotels in the United States, Germany, Japan, Russia and Hong Kong (China).
Accordingly, the company is negotiating to buy a 252-room hotel in San Francisco, the U.S.
“Negotiations on the buy-out may be near conclusion and we could own the hotel by the end of the year,” said the General Director.
In addition, Saigontourist is considering to buy hotels in Tokyo, Japan; Berlin, Germany; Moscow, Russia; and Hong Kong, China.
General Director Tho also stated, it was a good time to buy as property prices are on the decline and while many hotel owners need cash, the company needs to expand its business overseas.