Celadon International, Vietnam's first international hospitality and real estate management company, on Thursday signed a contract with 21.Century Corp to manage a resort in the central province of Binh Thuan.
The 4-star "Exotica" resort near Phan Thiet is located near a traditional fishing village and a growing golf destination.
Formerly known as the Mom Da Chim Resort & Spa, the Exotica Playa Resort emerges as an oasis between a stretch of beautiful beaches and famous sand dunes, 165 kilometres from HCM City.
Celadon International is now refurbishing the resort of 97 rooms, suites and bungalows after taking over the management.
"The upgrade will incorporate additional beach front villas, recreation, water sports and entertainment facilities," said Celadon CEO Paul Stoll. According to him, the Exotica Playa Resort is the first of several Exotica resorts being planned by Celadon International.
"The facilities and services are designed to meet the expectations of the target market of Vietnamese, Russians and Israelis. At a later stage, the European, Australian, North American and Asian markets will also be targeted,' said Stoll.
The new resort will be officially opened early next year following an upgrade to international 4-star standards. Dang Hong An, deputy general director of 21 Century Corp., said the corporation would invest US$1 million to increase facilities for customers of the resort.
21 Century Corp earlier received approval from the province to expand the 6-hectare resort. "We will pour 70 billion dong to develop the second phase of the project on four hectares," An said, adding the second phase includes 25 villas and a restaurant, on which work will begin early next year.
Celadon International focusing on Vietnam and Asia was set-up by Stoll in 2005.
Celadon International has three brand nameed brands: Celadon (5-star) and Exotica (4-star), and Chao (4-star).
The group also manages the luxury Celadon Palace Hue, The Imperial Hotel & Apartments Vung Tau, the Celadon Green Island Hotel Da Nang (opening 2010), and Le Indochine Apartment Hotel Hue (opening 2009).
Further tourism real estate developments are planned in Hanoi, HCM City, Hai Phong, Da Nang, Hoi An, Cam Ranh, Da Lat, Can Tho, and Phu Quoc Island.
To realise the plan, Celadon International has entered into a partnership with Global Investment Fund Co to set up the Vietnam Real Estate Fund of US$700 million which will be invested in hotels, resorts, offices, apartments, and retail malls.
Celadon International, with a joint venture partner NAVICO, has also agreed to develop hotels and resorts worth US$200 million.
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