Saigontourist to buy overseas hotels
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Leading Vietnamese tourism company, Saigontourist, plans to buy five hotels overseas, taking advantage of falling property prices amid the global slowdown.
Thanh Nien News reported the company’s General Director, Nguyen Huu Tho, as saying he expected a deal to buy a hotel in the US to be finalised by the end of this year. The 252-room hotel is located in Fisherman’s Wharf, San Francisco.
Saigontourist will also purchase four other hotels in Tokyo, Berlin, Hong Kong and Moscow, Tho told Thanh Nien News, noting that the company is looking at hotels with more than 200 rooms in city centre locations.
“The expansion will help develop Saigontourist into an international name,” Tho was quoted saying. “It is now a very good time for property buyers as prices have dropped. That’s why we want to seize this chance.”
Saigontourist posted a turnover of nearly VND7.5 trillion (US$421 million) last year, a 14.4% increase from 2007. It plans to increase this to US$1 billion by 2015.
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