Vietcombank loans $39mil for resort

Indochina Land and Vietcombank signed on Saturday an agreement for a US$39 million loan to fund development of the Hyatt Regency Da Nang Resort and Spa.
The $120 million resort and residential complex is located on a 20-ha site along Non Nuoc Beach, named by the US's Forbes magazine as one of the world's 10 most beautiful beaches.
The complex, developed by Indochina Land and managed by Hyatt Hotels and Resorts, will comprise a 200-room five-star hotel and 174 high-end condominiums and 27 three-bedroom villas for sale.
Peter Ryder, CEO and co-chairman of Indochina Capital, the parent company of Indochina Land, said the central coastal region surrounding Da Nang had always been a strategic investment location for Indochina Land.
"With the ideal combination of spectacular natural and cultural attractions, from picturesque white sand beaches to the legendary Marble Mountains, and three UNESCO World Heritage sites, we anticipate that Da Nang and the central coast will emerge as the next great Southeast Asian beach destination, rivalling Phuket in Thailand and Bali in Indonesia," he said.
After the $60-million Nam Hai Resort in Quang Nam, Indochina Land has developed a number of properties in the region at a total cost of around $300 million. These include the 18-hole Montgomerie Links Viet Nam golf course and the Indochina Riverside Towers, a commercial, office and residential complex in the heart of Da Nang.
In addition to the $39 million medium - and long-term loan, Vietcombank has also agreed to provide a working capital facility to fund the resort's future operations, said Nguyen Thi Thanh Ha, director of Vietcombank's Da Nang branch.