VinaCapital and Warburg Pincus to invest in hotel venture
This will include acquisitions, development and operation of hotels in the region, where tourist numbers are expected to triple over the next decade, especially from China.
The news agency quoted Don Lam, founder of VinaCapital, as saying in a press conference that they look forward to contributing their strong acquisition capabilities and local resources to build a hospitality platform of the highest quality and scale in the region.
The venture will seek to expand by buying and revamping hotels in major cities and developing luxury resorts across Southeast Asia, the statement said.
This joint venture will accelerate the expansion by acquiring hotels in major cities, and then renovate them. Simultaneously, it will develop luxury resorts in Southeast Asia.
VinaCapital is one of Vietnam’s largest private equity firms with a diversified portfolio of US$1.4 billion in assets under management, while Warburg Pincus has made investments of more than US$2.5 billion in real estate across Asia.
Warburg Pincus has poured capital into Vincom Retail, the Vietnamese operator of a shopping center system of Vingroup in the country. Particularly, it invested an additional US$100 million in Vincom Retail, bringing its total to US$300 million.
