The Grand Ho Tram Strip and Coteccons sign MoU for construction of $75 million hotel tower.
To mark President Barack Obama’s visit to Vietnam and to highlight the strengthening of commercial and investment links between the US and Vietnam, The Grand Ho Tram Strip, Vietnam’s premier luxury destination, signed a memorandum of understanding (MoU) with the Cotec Construction JSC (CotecCons) on May 23 over a $75 million expansion of The Grand Ho Tram Strip’s integrated resort complex.
Signed at an event hosted by the American Chamber of Commerce and the Vietnam Business Forum, the MoU outlines the construction by CotecCons of a new hotel tower, which will add 559 rooms to The Grand Ho Tram Strip complex, increasing total room numbers to 1,100.
The expansion will also develop a range of family-friendly entertainment amenities, including two 70-seat movie theaters, a shopping arcade, themed restaurants, a sky top lounge, family karaoke, a 2,000-seat outdoor amphitheater, a water park, a marine habitat pool, and a rollercoaster.
Uniting a committed US investor with one of Vietnam’s flagship private enterprises, the MoU represents another step forward in US-Vietnam commercial cooperation and underscores the mutual gains that can be achieved when US and Vietnamese enterprises engage collaboratively.
The new tower is a major milestone for The Grand Ho Tram Strip, as together with other completed and announced projects its completion will bring the development’s total investment to over $1 billion.
The signing follows the launch of The Grand Ho Tram Strip’s government relations office in Hanoi two week ago, the opening of which was attended by US Ambassador to Vietnam H.E. Ted Osius and Deputy Minister of Culture, Sports, and Tourism Huynh Vinh Ai.
Both the MoU signing and the opening of the government relations office are evidence of the depth of the business links that have formed between the US and Vietnam in the months leading up to President Obama’s highly anticipated visit to the country.