Big real estate developers eyeing hotelsVietNamNet Bridge - Many successful merger & acquisition (M&A) deals in the hotel sector were reported in the first six months of the year. Many successful merger & acquisition (M&A) deals in the hotel sector were reported in the first six months of the year. Some of the deals were worth hundreds of millions of dollars. It became especially famous after the US President Barack Obama stayed there during his visit to Vietnam in late May 2016.The second hotel transfer deal made in the second quarter of the year was the one in which Low Keng Huat transferred Duxton Hotel Saigon in district 1, HCMC to New Life RE.The 198-room hotel, located on Nguyen Hue Road, was transferred at the price of $49.4 million.The third M&A deal was that Liberty transferred Novotel Saigon Centre to Sai Gon Green View (SGGV Investment). Mapletree Group has bought Kumho Asiana Plaza from the joint venture of Kumho Industrial & Asiana Airlines in a transaction valued at $215 million.The deal is believed to help Mapletree expand its presence in Vietnam and raise the total assets of the Singaporean group in Vietnam to over 1 billion Singapore dollars.Kumho Asiana Plaza is well known as a complex with a total floor area of 146,000 square meter, comprising A-grade offices, serviced apartments and a hotel managed by InterContinental Hotels Group.The complex is located along Le Duan and Hai Ba Trung Boulevards in the central business district of HCMC.

Source: VietNamNet News July 10, 2016 03:00 UTC