Oct 31, 2012

Vietnam - Ho Tram Strip accelerates investment

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Canada-backed Asian Coast Development Limited last week started construction of the second tower of the MGM Grand Ho Tram Beach at its $4.2 billion Ho Tram Strip project.

The company (ACDL) commenced work on the pile foundations of the new property that will ultimately include 559 rooms and further leisure facilities, connected to the initial 541-room tower which will open its doors in early 2013.

Ho Tram Strip, licensed in 2008, is the most expensive tourism undertaking in Vietnam’s history. The project includes five five-star hotels, of which two will include entertainment facilities, and a Greg Norman-designed championship golf course.

“We are delighted to announce the formal start of construction on a new second tower for the MGM Grand Ho Tram Beach. I am thrilled that our vision for the Ho Tram Strip and for the future of tourism in Vietnam, is coming to fruition so rapidly,” said ACDL chief executive officer Lloyd Nathan.

Construction had initially been planned to begin next year. However, with the rapid construction of the first tower and leisure amenities, further development was accelerated with a view to commencing construction on Tower 2 prior to opening the first phase of the MGM Grand Ho Tram Beach.
The first tower of the MGM Grand Ho Tram Beach and all of its related leisure amenities were close to completion and will be open early next year, said Nathan. In addition, full construction on its Greg Norman Golf Course has been underway for several months and is also on track to open next year.

The MGM Grand Ho Tram Beach is the first hotel in this project which is managed by MGM Resorts International, one of the world’s leading global hospitality companies.

“The first phase of the MGM Grand Ho Tram Beach is just a few months from opening,” said John Shigley, president and chief operating officer of MGM Grand Ho Tram Beach. “With our 2,000-strong team of dynamic tourism professionals preparing for our grand opening, we are thrilled that ACDL is commencing construction of our neighbouring sister tower.”

Shigley said after the completion of the second tower, which will be constructed within about 18 months, MGM Grand Ho Tram Beach ultimately comprises 1,100 rooms. This will become Vietnam’s largest integrated resort.

“We are looking forward to welcoming our customers through our doors and to bringing the unique energy, excitement, and entertainment of MGM Grand to Vietnam,” he added.

Ngoc Linh | vir.com.vn

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