The Dolce by Wyndham Hanoi Golden Lake is for sale with a starting price of US$250 million. The auction is set for March.

Nguyen Huu Duong, the owner of the gold-plated Dolce by Wyndham Hanoi Golden Lake, confirmed the sale with the local press.

Sharing the reason to sell the property, Duong said his company is short on funding for employee compensation and interest.

Currently, there are about ten interested investors negotiating the price, offering US$250 million, Duong told cafef.vn. However, he expected the price to be higher for the hotel’s lucrative commercial value.

Dolce by Wyndham Hanoi Golden Lake is the first gold-plated hotel in Ha Noi. The hotel was inaugurated in July 2020 with an investment of $100 million.

Almost all exterior designs and interior furniture of the hotel are covered with 24k gold. The 24-storey hotel has 360 rooms, costing up to $1,000 per night.

Duong is the chairman of Hoa Binh Group, one of the top tourism and event providers. Some of its notable hotels include Somerset Hoa Binh, Dolce Hanoi Golden Lake, and Danang Golden Bay.

Hoa Binh Group currently owns nearly 9,000 square metres of land in Ha Noi and plans to build a social housing project, but after nearly a year of waiting, the project has not been approved, which further complicates the company’s situation. — VNS