Riverside Hotel Co Ltd has received a license from the Ministry of Planning and Investment to build a five-star hotel by the Han River in the central coast city of Da Nang. The Riverview Majestic at 74 Bach Dang Street, the third foreign-invested project to be licensed in Da Nang so far this year and the second five-star hotel there, will require a total investment of US$27.6 million.
The company, a unit of Australian-based LEDA, is expected to start work on the hotel early in the second quarter.
The location of the planned hotel, the former premises of the US consulate-general in Da Nang during the war, previously belonged to a disbanded joint venture with Novotel to build the Accord Group-managed Tourane Hotel.
The Asian economic crisis in 1997-98 forced Novotel to withdraw from the venture, whose license was revoked in mid-2002.