The new owner, who is an Australian-Vietnamese, gave the hotel a new brand name, One Opera Da Nang Hotel, in April. — Photo agoda.com

DA NANG (Biz Hub) — The Hoang Anh Gia Lai Group has sold its five-star hotel to HCM City-based Hong Lam company for US$25 million.

An unofficial source said the deal, which includes the 22-storey building and land, was signed in April and the hotel was handed over to the new owner in mid-April.

The new owner, who is an Australian-Vietnamese, gave the hotel a new brand name, One Opera Da Nang Hotel, in April.

This is the first project in the central city that the Hoang Anh Gia Lai Group has sold.

The group has also developed a residential project, the Hoang Anh Gia Lai Lake View Residence.

In 2013, the group sold six hydropower projects worth US$200 million, including four already in operation.

The group has also invested $300 million in a trading complex in Myanmar and $36 million to upgrade the International Attapeu Airport.

It is expected that investors will now be interested in mergers and acquisitions in the real estate sector in Da Nang.

The city has so far developed 16 tourism-related property projects, which consist of 749 villas, of which 609 are for sale and 140 are for lease. — VNS