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| A graphic image of five-star Sheraton hotel in Ha Long City. — Photo baoquangninh.com.vn |
QUANG NINH (Biz Hub) — Construction of a five-star Sheraton hotel worth US$40 million started on October 10 in the northern Quang Ninh Province's Ha Long City, just nine days after its investors and the local authorities signed cooperative agreements.
Quang Ninh officials, the Starwood Hotels & Resorts Worldwide Incorporation from the United States and the Club M Ha Long Joint Stock Company signed two agreements on October 1 to cooperate in managing and developing the Sheraton hotel.
According to these agreements, the Sheraton Ha Long Bay will be constructed in the fourth quarter of this year and will be put into operation in 2017.
Some have considered the construction a sign that Quang Ninh Province aims to provide favourable conditions for foreign investors.
In April 2012, Quang Ninh Province broke a record for the short time it took to grant an investment certificate for a $300 million fibre plant project funded by China's Texhong Yinlong Science and Technology Limited Co. in the Hai Yen Industrial Park. The company received investment permission just 24 hours after submitting its documents.
In April 2014, the local authorities also granted an investment certificate in just 15 working days to the Hai Ha International Investment Co., Ltd and the Texhong Hai Ha Industrial Park Co., Ltd of Texhong, a Chinese textile group, to develop infrastructure for the first phase of the Hai Ha Industry Park in Hai Ha District. The certificate was granted 23 days shy of the time stipulated by regulations. The project has a total investment of VND4.5trillion ($201million).
In addition, Quang Ninh created favourable conditions for investors to develop big projects important to the locality's development, including the Dai Duong Park owned by Sun Group Corp. and the Vincom Trade Centre and Vinpearl Hotel, invested by the Vingroup Joint Stock Company.
The Starwood Hotels & Resorts Worldwide, Inc. is currently managing four hotels in Viet Nam, including Sheraton Hanoi Hotel, Le Meridien Saigon, Sheraton Saigon Hotel and Sheraton Nha Trang Hotel & Spa.
Starwood has more than 1,200 properties worldwide in 100 countries. In the first six months of this year, the company's net income was $235 million. — VNS