The island of Phu Quoc lies off the south- western coast of Vietnam 40 km west of Ha Tien on the Vietnam mainland and just 12 km from the coast of Cambodia. The Island’s population is only 85,000 while its size being 50 km north to south and 25 km east to west makes it the largest island in the Gulf of Thailand with an area of 574 km2.

1. Vietnam
Hotels + Resorts
Newsletter
September 2012
Table of Contents
Phu Quoc Hotel Market Overview 1
Vietnam Economics Update 7
News Update 8
Feature Article: Franchise Agreements 9
Investment Opportunities 10
About Us 10
Phu Quoc Hotel
Market Overview
In deciding on the location to feature for Together with numerous smaller islets it
this first newsletter edition, we could not
have picked a more underrated investment
belongs to the District of Phu Quoc, of
Kien Giang Province which forms part of
P hu Quoc has an ideal geo-
graphical location being a
stone’s throw away from Cambo-
destination in Vietnam – one with stunning the mainland. The Island is administratively
dia, sailing distance to the islands
beaches, a strategic location within SE Asia, divided into 2 towns and 8 communes. The
of Thailand and a short flight from
virgin landscapes, improving infrastructure largest town and district seat is Duong Dong
major population centers such
and a limited number of hotels and resorts, Town which is located on the west coast.
as Kuala Lumpur, Singapore and
which incidentally are outperforming other
Jakarta. It has the potential to be
destinations in Vietnam. More than half of the island is covered by
a connection hub for travelers and
forest. With up to 12 km of pristine beaches
offers repeat visitors to Thailand a
But why has there been a dearth of con- and a variety of cultural and historic attrac-
fresh alternative to Phuket.
struction activity? What went wrong in the tions, it is one of the most visited tourist
past and what may the future bring for the destinations in Vietnam. The island remains
island of Phu Quoc? relatively undeveloped with the first modern — Alternaty Opinion
hotel development, Tropicana Resort, only
appearing in 1995.
Location – An investor’s dream
The island of Phu Quoc lies off the south-
western coast of Vietnam 40 km west of Ha
Tien on the Vietnam mainland and just 12
km from the coast of Cambodia. The Island’s
population is only 85,000 while its size being
50 km north to south and 25 km east to
west makes it the largest island in the Gulf of
Thailand with an area of 574 km2.

2. 2 Phu Quoc Hotel Market Overview
Access – A traveler’s nightmare
The main point of access to Phu Quoc is
Duong Dong Airport which is only able to
cater for small planes. Vietnam Airlines uses
A nother major access constraint
is that there is only a very
limited window during the day
the 68 seat ATR Turboprop and provides when flights can land and depart Phu Quoc
from the airport on the island. This Kien Giang Province
68 flights per week from HCMC as well as 1
flight per day from Rach Gia and Can Tho. means that the last flight to leave
HCMC on a Friday is just after 1pm
Air Mekong uses much newer Bombardier
and the latest return flight on Sun-
CRJ 900 jets with a capacity of 90 seats and day is 3pm. This makes it difficult to
provides 18 flights from HCMC and 9 flights justify a weekend trip to enjoy only
from Hanoi per week as well as some flights 1 full day.
from other provinces. Flights from HCMC
start from US$50 one way and it takes 1 — Alternaty Opinion
hour to cover the 300 km distance.
© 2012 Google
Table 1
Airlines Providing Services to Phu Quoc
In total, there are approximately 115 flights
Departure Airline Flights / Week Capacity
per week to Phu Quoc which translates to
Hanoi Air Mekong 9 90
a maximum capacity of 8,500 passengers
Buon Me Thuot Air Mekong 4 90
per week, or 625,000 per annum. The new
Quy Nhon Air Mekong 4 90
airport is scheduled to be completed by the
Vinh Air Mekong 2 90
end of this year which is expected to boost
HCMC Air Mekong 18 90
capacity dramatically by allowing much
HCMC Vietnam Airlines 63 68
bigger jets to land.
Rach Gia Vietnam Airlines 7 68
Can Tho Vietnam Airlines 7 68
Phu Quoc can also be reached by ferry with
Source: Alternaty
regular services from Rach Gia and Ha Tien.
Supply – Limited & only small scale offerings
Phu Quoc has approximately 60 hotels or Figure 1 have been awarded 5 stars by VNAT, Saigon
1,500 rooms with the majority being family Largest Hotels in Phu Quoc 120
Phu Quoc Resort is the only one with 4 stars,
run mini hotels and guest houses. Most of La Veranda is the only 3 star resort while
the current stock was developed by state 100 another 36 properties have been awarded
owned enterprises, with some exceptions less than 3 stars. These star gradings do not
being La Veranda, Chen La and Long Beach 80 necessarily reflect the operating perfor-
which were developed under a JV structure mance nor the true quality of the hotels.
with a foreign majority partner. The only 60
Number of Rooms
two properties managed by international A further constraint of the Phu Quoc market
hotel operators are La Veranda managed by 40
is that there is a lack of properties with suffi-
Accor under their MGallery brand and Chen cient scale and facilities to accommodate the
Sea managed by Centara as part of their 20
MICE sector. Saigon Phu Quoc resort offers
Boutique Collection. the largest number of rooms at 100 rooms
while most of the remaining hotels have
0
The Vietnam National Administration of between 40 to 70 rooms.
Tourism is the government body having the
Source: Alternaty
authority to issue hotel star gradings. There
are no properties on the island that
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3. September 2012 Phu Quoc Hotel Market Overview 3
Table 2
The La Veranda is undergoing an extension Hotel Brands Expected To Debut In Phu Quoc
adding 27 new rooms to increase the total
Developer Operator Brand Location Scale
number of rooms to 70.
BIM Group IHG Crowne Plaza Duong Dong 400 keys
Esaco/Long Beach IHG Holiday Inn Bai Sao 250 keys
A number of large scale resorts are expect-
Esaco/Long Beach Accor Novotel Duong Dong 210 keys
ed to come online over the next 3 years
Tran Thai Fusion Maia Ganh Gio 300 keys
with international operators already in place.
Ninh Van Bay Six Senses Latitude Cua Duong 136 keys
These include a Holiday Inn, Crowne Plaza
Source: Alternaty
and Novotel. Other brands that have been
involved in negotiations include Ritz Carlton
and Hyatt Regency.
However, to date there has been limited
W here are the five star hotels?
The extreme difficulty of real estate development in Phu Quoc is what has
held it back and at the same time has been its salvation. The arduous and drawn
construction activity and it is difficult to out land compensation and approval processes has meant that out of the 229
anticipate oversupply of any kind. Looking planned projects submitted to the local authorities only 9 have been put into
further ahead, there are several multi-resort operation. Phu Quoc may have missed out on the last development boom, how-
ever this means that it is free of the oversupply headaches that currently plague
developments that are in planning stages.
other markets and sectors in Vietnam.
— Alternaty Opinion
Demand – Tourist arrivals dwarfed by regional peers
Total tourist arrivals to Kien Giang Province surpass the peak set in 2010 as well as the Figure 2
peaked in 2010 with 4.4 million arrivals of government target for 2012 of 5.3 million Tourist Arrivals to Kien Giang
5
which 4.2 million were domestic arrivals and arrivals in total including 160,000 foreign
121,000 were foreign arrivals. arrivals.
4
In 2011, even though foreign arrivals Of the limited data available specifically for
increased to 144,000, domestic arrivals Phu Quoc, released figures include 243,000 3
A rrivals (million)
decreased by 23% causing total arrivals to total arrivals for the first half of 2012, up 39%
fall by 22%. This could be attributable to the from the same period in 2011 while interna- 2
highly unsteady local economy during 2011, tional arrivals increased by 20.4% to 69,000
which would have caused vacation plans to during the same period. To add some per- 1
be put on hold. The first 6 months of 2012 spective to these figures, during the same
has seen a significant rebound in tourist period, foreign arrivals were almost 3 million 0
arrivals with 85,000 international (up 33% in Bali and just above 2 million in Phuket.
Source: Kien Giang Department of Culture, Sports and Tourism
compared to the same period in 2010) and
2.5 million domestic arrivals recorded thus Domestic Arrival
far. If this pace of arrivals continues it looks International Arrival
likely that total tourist arrivals in 2012 will
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4. 4 Phu Quoc Hotel Market Overview September 2012
Seasonality – Warm all year but wet and windy monsoon season
The island has a monsoonal sub-equatorial Figure 3
climate enjoying a fairly steady average coincides with the best weather (driest Rainfall & Average Temperature
temperature throughout the year with a months) as well as the holiday season for
peak of 33 °C in April and an annual average western tourists looking to escape the cold 500
29
of 27.7 °C. winter. There is also a 2 week peak period
during the lunar new year. During high 400
Average rainfall is 190 mm per month with season it is essential to book stays well in ad- 28
the driest months being November through vance as many properties are fully booked.
Temperature (°C)
Rainfall (mm)
300
to March with just 43 mm of rainfall per
27
month. The monsoon lasts from July to Low season is from May to October, with 200
October when 360 mm of rainfall can be the slowest months being June and July.
expected per month. Western travellers tend to choose destina- 100
26
Humidity is also fairly steady ranging from tions such as Nha Trang and Da Nang on
75% during the dry season and 85% during Vietnam’s central coast during these months 0 25
the wet season. as the weather is much better there during
Source: Kien Giang Department of Culture, Sports and Tourism
these months, especially during June and
High season in Phu Quoc is from November July when the monsoon begins in Phu Quoc. Rainfall
to March, with December and the first half of Average Temperature
January being the peak period. This period
Hotel Performance – Among the best in Vietnam
Due to the limited supply of rooms and the Figure 4
growing demand from local and interna- Average Room Rates of The mid and economy tier of the market,
tional travellers, hotels and resorts in Phu Upscale Resorts in Phu Quoc which are typically smaller sized properties,
Quoc have historically delivered a solid 120
achieve a more stable ADR of $20 - $40 per
performance compared to other locations in 110 night for the family run hotels and up to $65
Average Room Rate (US$/night)
Vietnam. In the upscale market the average 100 per night for the larger and more sophis-
room rates (ADR) in 2011/12 ranged from 90
ticated mid scale properties which offer a
$85 per night for the more dated prod- wider selection of room types as well as
80
70
ucts and up to $165 per night for the well restaurant, swimming pool and spa facilities.
60
established boutique properties, which is a 2010/ 11 2011/ 12
Source: Alternaty
considerable increase over the past 2 years Average occupancy in Phu Quoc is among
when the numbers of flights were more International Management the highest in Vietnam with properties
limited. Local Management achieving an average of 75% - 85%, sup-
ported by a mix of international and local
The seasonality of the island remains the Figure 5 demand, spread throughout the dry and
main dampener to average room rates. Seasonlity of Room Rates of monsoon season. Even properties that are
From June to October, competition from Mid to Upscale Resorts favoured by international clients are able
other beach destinations such as Da Nang 50%
to deliver a remarkable level of average
and Nha Trang, with better weather con- 40% annual occupancy ranging from 65% - 78%,
ditions, force Phu Quoc resorts to reduce 30%
depending on the size of the property and
rates in order to attract the price sensitive their price strategy with local travel agents.
Variation in Room Rate
20%
local market. Rates can vary as much as 60% Overall, the Phu Quoc hotel market enjoys
10%
0%
from the low to the high season, making Phu -10%
relatively high occupancy compared to
Quoc room rates among the most volatile in -20%
other destinations as supply is constrained
Vietnam. -30% and properties are small which makes them
Source: Alternaty
easier to fill.
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5. September 2012 Phu Quoc Hotel Market Overview 5
S urprisingly, La Veranda (managed by Accor) and Chen Sea (managed by Centara), both boutique resorts featuring 43 and
36 keys respectively, are among the best performing properties in Vietnam in terms of RevPAR (Revenue per Available
Room), outperforming some well known, larger resorts in Da Nang, Hoi An and Nha Trang. This is mainly due to the high
level of average occupancy and limited direct competition.
— Alternaty Opinion
Operating Costs – Phu Quoc’s Achilles heel
Although Phu Quoc hoteliers enjoy relatively Furthermore, the F&B profit margin is Figure 6
strong revenue, this is considerably offset by eroded by the cost of shipping stock from Energy Cost
the high operating costs, which are signifi- the mainland or abroad causing some of the 14%
cantly higher compared to properties on the international properties to struggle to deliver 12%
percentage of revenue
mainland. an F&B profit margin that is higher than 20 - 10%
Energy cost as a
8%
25%. Another major cost is electricity which
6%
The difficulty of attracting skilled workers can amount to 12% - 14% of total revenue,
4%
to the island and the competition between incentivising developers to search for alter- 2%
the resorts for trained staff puts upward native energy solutions. 0%
pressure on labour costs. Vietnam Phu Quoc
Source: Alternaty
Developers need to also factor in construc-
tion costs which are 15% - 20% higher com-
pared to developing an identical property
on the mainland.
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6. 6 Phu Quoc Hotel Market Overview September 2012
Land Price – Land is abundant but good deals are rare
When it comes to absolute beach frontage, The asking price of beach-front land can be
Phu Quoc offers both the cheapest and as high as US$150 – US$350 psm for smaller
most expensive options in Vietnam, depend- development sites on Duong Dong Beach Would we at Alternaty
ing on the location within the Island. Land (Red Zone) and as low as US$30 – US$50 invest our money in
in Phu Quoc is abundant but the difficult psm for the more isolated locations such as Phu Quoc?
process of securing land and obtaining Cua Can Beach and Truong Beach (Green
construction approvals make “ready to build” Zone) suited for destination resorts. How- The undersupply of hotel rooms,
projects rare as well as costly. ever, in Vietnam, as is mostly the case in absence of second home villa prod-
the region, the initial, or public, asking price ucts, increasing tourist arrivals and
for land can be considerably higher than the new airport on the way make
the actual transacted price. In the majority a convincing case to invest in Phu
of cases, buyers can secure a reasonable Quoc. However, beneath the surface
discount on the asking price by spending lurks a challenging approval process
the time and effort during the negotiation and unpredictable master planning
process. guidelines which have seen the
demise of many projects.
A JV partnership with a financially strong
and well connected local company or indi- Assuming that the right local partner
vidual is the surest method for foreign inves- is found to mitigate the development
tors to minimise the development timeline. risks, we believe that opportunity
Large multi-phase master planned develop- exists to bring to market formats that
ments that are searching for investors are are yet to appear in Phu Quoc, such
still to be found throughout the island. Some as:
of these are private investors looking for JV
© 2012 Google
partners while others are available directly A mixed-use beachfront
from local authorities. resort with residential villas for
sale, managed by a branded
Final Thoughts operator with a vacation club
component.
The jury is still out on whether Phu Quoc Providing some hope that Phu Quoc is
is “the next big thing”. It has certainly been about enter its next development phase is An upscale destination resort
touted as the next Phuket or Bali for several the new airport, built on 800 ha in Duong To with a holistic eco-tourism
years, especially by local stakeholders, but at a cost of US$970 million. It is committed concept for yoga fans and detox
during this time there has been a lot more to open by the end of 2012 and will be able candidates, aimed at the health
hype than progress. Activity on the ground to handle medium sized planes such as the tourism sector.
certainly gives plenty of voice for the critics. Airbus A320 or Boeing 767 with a capacity
to process 7 million arrivals per annum. A multi-phase integrated resort
Many issues stem from land compensation catering for the discerning
and relocation, as well as the revised island It seems that Phu Quoc does have many of entertainment needs of a family
master plan which caused many projects the ingredients required to become a major vacation, complete with adults
to be in conflict with the new zoning plans. tourist destination, however, until the day only and kids only zones
Other problems that need to be resolved that international tourists are able to arrive
are the slow construction progress of the on direct flights from abroad, Phu Quoc will
road network and the chronic electricity only continue remain “the next big thing”.
shortage.
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7. September 2012 Vietnam Economics Update 7
Vietnam
Economics Update
Inflation Trade Balance
Figure 7 Figure 8
Consumer Price Index Imports and Exports
30 120
Y-o-Y Price Index (%)
100
20
Foreign Trade (US$ Billions)
80
60
10 40
20
0 0
2007 2008 2009 2010 2011 2012 -20 2007 2008 2009 2010 2011 2012
-40
Source: General Statistics Office of Vietnam Source: General Statistics Office of Vietnam
Consumer Price Index Housing and Construction Materials Import Trade Balance
Export
August CPI came in at 5.04% y-o-y while electricity and medical services. The CPI is
the m-o-m figure moved back into posi- expected to continue to escalate in Septem- The trade balance swung back into deficit
tive territory at 0.63% after decreasing for ber as further upward adjustments of the YTD in August by US$62 million, although
the previous two consecutive months. This gasoline price are expected and inflation it remains the lowest deficit for at least the
increase was attributed to the three recent typically begins to escalate in the period past 5 years. The terms of trade have had a
petrol price hikes which amounted to a 12% from August until the Lunar New Year. positive impact from the closure of the Dung
increase, as well as due to price pressures in Quat oil refinery which temporarily crimped
crude oil imports, but has recently resumed
operations.
Interest Rates
Figure 9 Foreign Direct Investment
State Bank of Vietnam Interest Rates
Figure 10
20
Foreign Direct Investment
Interest Rates (%)
15
80
70
10 60
FDI (US$ billion)
50
5 40
30
20
0 10
0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 1H 2012
Source: Foreign Investment Agency
Source: State Bank of Vietnam
Committed Capital
Base Discount Rate Refinancing Rate
Implemented Capital
Credit growth remains lacklustre at only The Vietnam banking system fell into a In the first 8 months of 2012, implemented
1.02% in July, a slight uptick from 0.76% in state of turmoil on 21st August, upon FDI was US$7.28 billion, only 0.3% short of
June, even as the cost of funds for enterpris- the announcement of the arrest of ACB’s the figure achieved during the same period
es continues to fall. Outstanding loans with founder Mr. Nguyen Duc Kien. Fear and in 2011. This has provided stable support
interest rates above 15% decreased to 24.6% panic ensued in the following week with a for the Dong this year. On the other hand,
in August, down from 29.1% at the end of widespread selloff in the stock market and newly registered capital was US$5.52 billion,
July. Meanwhile, the latest estimate of bad mass withdrawals by bank customers. The equivalent to only 56.5% of the amount
debts stand at 8.6% - 10% according to the risk of a bank run prompted the state bank registered in 2011. Real estate ranks second
governor of the State Bank. to pledge its support for ACB. These events in terms of attracting FDI with 8 newly
aptly demonstrated the fragile state of Viet- registered projects, with total registered and
nam’s banking industry. additional capital of US$1.72 billion or 20.4%
of total FDI.
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8. 8 News Update September 2012
News
Update
Vietnam News Regional News
Ritz-Carlton to debut in Vietnam Rex Hotel upgrades its premises Red Planet Hotels buys stake in
Ritz-Carlton is slated to open their first The Rex Hotel in HCMC is upgrading a franchisor Tune Hotels
hotel in Vietnam with the signing of a deal section of its premises with total investment Red Planet Hotels secured a 16% ownership
to manage a 250 room hotel located in the funds of US$16 million. The newly-upgrad- of Tune Hotels becoming the third largest
CBD of HCMC. The hotel forms part of the ed premises will provide 125 high-class shareholder and earning a board seat. Red
48 storey twin tower integrated develop- rooms on high floors and when completed, Planet is based in Thailand operating its own
ment named The One Ho Chi Minh City, the five-star hotel will have 284 rooms in hotels with 7 properties under a franchise
which will also include prime office space, total along with a series of shops and restau- agreement from Tune Hotels. They have a
retail outlets and 350 luxury apartments. rants at the ground floor. portfolio of 20 hotels across Thailand, Indo-
nesia and the Phillippines. Tune Hotels is a
Accor opens Novotel Saigon Novotel Phan Thiet Ocean Dunes budget operator with 24 hotels in operation
Centre in HCMC & Golf Resort taken over by Vina with a further 38 properties in the pipeline.
Accor opened Novotel Saigon Centre on Properties Development Group
the corner of Nguyen Dinh Chieu and Hai Novotel Phan Thiet Ocean Dunes & Golf Outrigger to acquire
Ba Trung streets in District 1, HCMC. The Resort was taken over by Vina Properties Laguna Beach Resort
hotel has 247 rooms and meeting space Development Group and renamed DuParc Hawaii-based Outrigger Hotels and Resorts
with capacity of 350 people. The property Phan Thiet Ocean Dunes & Golf Resort. This entered into an agreement to purchase
is located approximately a 20-minute drive project comprises a four-star hotel with 123 the 254 key Laguna Beach Resort, with the
from Tan Son Nhat International Airport. rooms and an 18-hole golf course. transaction expected to close in Q1, 2013.
This will be Outrigger’s second managed re-
Banyan Tree Laguna Lang Co Etihad To Fly To Vietnam sort inside Laguna Phuket, having managed
Hotel to open on 1st Etihad Airways will add Ho Chi Minh City to the Outrigger Laguna Phuket Resort and
November 2012 its global flight network in October 2013. Villas since August 2009.
The 5 star all-pool villa resort forms part of a The daily flights between Ho Chi Minh City
288 ha complex which will comprise of an 18 and Abu Dhabi will be served by two A330- Hoteliers increasingly confident in
hole golf course, Angsana Residences, Ban- 200 aircraft with 262 seats. Asia’s prospects
yan Tree Residences and Laguna Residences According to the latest TripAdvisor Industry
Lang Co. The development is situated in HCMC metro line begins Index, most hoteliers are confident in the
Lang Co Bay, approximately 60 minutes construction works prospects of the hotel market in Asia, par-
drive from Da Nang airport. Total investment The first 20 km metro line has broken ticularly in Thailand which had the highest
capital for the first phase is US$200 million. ground after a long period of delay. The percentage of respondents planning to
line will pass through Districts 1, 2, 9, Binh increase the number of employees over the
Hanoi to welcome first Thanh, Thu Duc and Di An commune in Binh next few years.
Hilton Garden Inn Duong Province. Approximately 2.6 kms
Hoan Kiem Tourism & Trading Company will be underground consisting of 3 subway 1.76 million international arrivals to
signed a management agreement with Hil- stations and more than 17 km above ground Cambodia in the first half of 2012
ton Worldwide for their 11 storey 86 room including 11 stations. According to the Ministry of Tourism of
property which is scheduled to open in the Cambodia, 1.76 million foreigners visited
second half this year. Cambodia in the first half of 2012, an in-
crease of 27% compared to the same period
last year. Of the total visitors, 48% arrived
to Cambodia by air, 49% by land and the
remaining by sea.
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9. September 2012 Feature Article: Franchise Agreements 9
Feature Article:
Franchise Agreements
Hotel franchise affiliations
Franchise agreements are one method an
owner can use to operate a hotel while
benefiting from the recognition, distribution
and reach of a brand as well as retain control
over the operation of the hotel. Given the
range of franchise options, the affiliation
decision requires a thorough understanding
of the costs and benefits of the franchise
format as well as of each of the brands.
Ways to affiliate How to decide on a brand?
Standard franchise agreement with a Analyze the business mix of the proper-
brand. ty, and search for a brand that matches
Combination of a management contract both the needs of the owner as well as Questions + Answers
and a franchise agreement defined as a the project.
"manchise". Assess the potential benefits of the Q Would a franchise agreement
An independent manager plus a affiliation in terms of cash flow. be a good option for my hotel
franchise agreement with a brand, also Determine the costs of affiliation. project?
known as an owner-operator-brand Compare the cost to the benefits. A It is certainly worth considering,
model. however each project is unique
Master franchise agreement, whereby a in terms of product, market-
large branded operator signs a master ing strategy and competitive
franchise agreement for an entire landscape, so while it may be
country. In this case, the franchisor is suitable for some projects, it
prohibited from competing with the may not be for others.
master franchisee.
Q Can I sign a franchise agree-
ment for my mixed-use resi-
Hotel franchising in Vietnam dential resort?
A This is possible in some cases,
There is a very limited presence of hotel reluctant to allow use of their brand name. but there are many issues that
franchise chains in Vietnam with only 6 However, because of the short term nature must be considered.
properties, which are mainly city hotels and of the contracts and low level of brand com-
affiliated with Best Western. The main diffi- pliance required compared to management Q Will the franchisor manage my
culties for franchisors seem to be the limited agreements, the franchise model offers property?
experience of local developers to cope with an attractive management option for local A No, typically the franchisor
management and ability to uphold brand developer seeking flexibility. will only offer marketing and
standards. For these reasons franchisors are distribution support and high
level supervision of the brand
standards.
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10. 10 Investment Opportunities September 2012
Investment
Opportunities
About Us
Hot Properties – See our website for more Hot Properties & Enquiries
Location Da Nang Location HCMC
Status Development site Status Development site
Scale 3 – 5 ha Scale 100 – 150 keys
Description Cleared beachfront develop- Description Midscale hotel development
ment site with freehold approval and in close with frontage to a main boulevard in HCMC
proximity to golf courses. CBD looking for developer and investor
Investment Options 100% equity stake or Investment Options Lease of building Alternaty is a boutique real estate
JV partner upon completion or JV partner firm providing specialist advice for
hotel, resort and second home proj-
Location Ha Long Bay Location HCMC ects in Vietnam and the Indochina
Status Under construction Status Construction complete region.
Scale 150 – 200 ha Scale 50 – 100 keys
Description Integrated resort, marina and Description Mixed-use D3 development Our services
entertainment complex looking for develop- comprising of retail, office and residential Investment Consulting
ers for the subplots. components Investor Representation
Investment Options 100% equity stake in Investment Options Serviced apartment Hotel Operator Selection
one of the 7 sub-plots or JV partner lease or management contract Market Research
Feasibility Study
Location Hanoi Development Consulting
Status Operating hotel Location Phu Quoc
Scale >300 keys Status Operating resort We specialise in
Description Operating 5 star hotel for sale. Scale 50 – 100 keys Alternative Ownership
Investment Options 70% equity stake Description Established upscale resort with Rental Pool Structuring
beachfron. Fractional Ownership
Investment Options 100% equity stake Membership Clubs
Branded Residences
Please don’t hesitate to contact us to discuss any of the contents in this newsletter or for more
information on any of the opportunities above. We welcome your comments and suggestions
for the next edition. In the meantime, don’t forget to follow us on Twitter, LinkedIn or Face-
book to receive the latest updates and opportunities as they become available.
Unit 23, 26 Ly Tu Trong Street,
Rudolf Hever Mauro Gasparotti My Nguyen
Executive Director Executive Director Research Executive District 1, Ho Chi Minh City,
Vietnam
T +84 933 902 530 T +84 908 556 492 T +84 836 028 591
E rudolf.hever@alternaty.com E mauro.gasparotti@alternaty.com E my.nguyen@alternaty.com T +84 836 028 591
W alternaty.com
Disclaimer
Find Us
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