KBC likely to be Investor for building US$400 million five-star hotel

Kinh Bac City Development Share Holding Corp (KBC) will be the only investor seeking for permission from Hanoi authorities to build US$400 million five-star hotel in the city as two others decided to withdraw from the project.
Vinaconex (VCG) and Thien Thanh Construction and Trading Company announced their withdrawal at a meeting with the municipal Department of Planning and Investment on Oct 21.
The Lotus Hotel, to be located on 4.3-hectare site next to the National Convention Center in Tu Liem district, will include 550 luxury rooms.
In August, Japan’s Riviera Corporation, the initial investor of the project, decided to stop the project due to financial difficulties.
KBC has worked with the Japanese firm for take over documents and pledge to pay money for land lease.