Investment part of the Hanoi hotel's restructuring plans.
The BRG Group has acquired a stake in the Thang Loi Hotel in Hanoi and will hold certain key positions at the hotel.
According to Mr. Nguyen Kim Ha, Director of the Thang Loi Tourism Hotel Co., the hotel is being restructured under a decision from the Prime Minister that allows State companies to form joint ventures with local and foreign investors. “This is simply restructuring for more efficient investment, not part of an equitization process,” he told local media. “The Executive Board of the company has not changed.”
BRG declined to release any information on the capital contribution made to the Thang Loi Tourism Hotel Co., but local media reported that the group purchased 30 per cent of Thang Loi Hotel’s shares when its equitization process was carried out a few months ago. The government now owns 20 per cent, while the remainder has been sold to staff and external shareholders.
BRG Group invests and operates in the fields of finance, banking, and golf resorts, and has member companies, associate companies, and investment projects such as the Kings’ Island Golf Resort in Hanoi’s Son Tay district, the Do Son Seaside Golf Resort in Hai Phong city’s Do Son district, and the Legend Hill Golf Resort in Hanoi Soc Son district.
Thang Loi Hotel opened in mid-1975 on 4.5 hectares on Yen Phu Road, Tay Ho district. The four-star hotel has changed management several times. From 1975 to 1986 it was under government management and from 1986 to 1995 was under the control of the Hanoi Tourism Company. Since 1995 it has been an independent business.