Harbinger contributes M in financing
Ho Tram Project Co. has announced yet another addition to its Ho Tram Strip resort project near Ho Chi Minh City in Vietnam. According to GGRAsia, the company will partner with local developer Cotec Construction Joint Stock Co. to build a US$75 million expansion of the complex. The expansion will includes a second hotel tower and bring the development’s total investment to more than US$1 billion, according to a press release from Grand Ho Tram.
The total development area covers more than 1.6 square kilometers (400 acres) of beachfront property.
Last December, the company announced the development of a time-share condominium tower on the Ho Tram Strip. Cotec will build that project as well.
According to the press release, the deal was made official at an event hosted by the American Chamber of Commerce and Vietnam Business Forum. A memorandum of understanding “outlines the construction by CotecCons of a new hotel tower, which will add 559 rooms to the Grand Ho Tram Strip complex, increasing the total capacity at the resort to 1,100 rooms.”
The expansion will also develop “a range of family-friendly entertainment amenities, including two 70-person movie theaters, a shopping arcade, themed restaurants, sky top lounge, family karaoke, a 2,000-seat outdoor amphitheater, a water park, marine habitat pool, and a rollercoaster,” the release stated.
The project is financed in part by Harbinger Capital Partners LLC, the main investor in the Ho Tram Strip, which pumped a second US$50 million in capital into the development last November. Harbinger was founded by U.S.-based investor Philip Falcone.
Ho Tram Project Co is a unit of Asian Coast Development (Canada) Ltd, the company owning the Ho Tram Strip.
