A deal worth over $53.4 million will transfer the five-star hotel into the hands of a little-known company, which has relations with BRG Group.
Malaysia's Berjaya Land is finetuning procedures to sell 75 per cent of its stake in TPC Nghi Tam Village Company, which owns the InterContinental Hanoi Westlake hotel, for around $53.4 million.
In an report to Malaysian securities authorities last December, Berjaya Land said its affiliate TPC Development had inked a deposit agreement and a capital transfer agreement to dispose 75 per cent stake in the five-star hotel to real estate firm Hanoi Hotel Tourism Development Company.
The buying company was established about four months ago, which is owned by Tran Trung Tuan. Tuan used to be a senior employee at many companies related to BRG Group, which has over the last few years purchased some prominent hotels in Hanoi such as Hilton Hanoi Opera and Thang Loi.
BRG is a multi-business corporation operating in the fields of golf course development, hospitality and property.
Recently, BRG through its members set up joint venture with Sumitomo from Japan to develop a $4 billion smart city project on Nhat Tan - Noi Bai road.
The group has actively participated in buying state-owned enterprises in recent years.
According to Berjaya Land, the capital transfer agreement also provides that TPC Nghi Tam Village will pay $71.6 million it borrowed from TPC Development. The loan will be restructured via a new agreement TPC Nghi Tam Village has entered into with Hanoi Hotel Tourism Development Company and South East Asia Joint Stock Commericial Bank.
The remaining 25 per cent stake in the 293-room InterContinental Hanoi Westlake hotel belongs to Thang Long GTC, a former state-owned enterprise which was equitized in 2015, and its current chairwoman is Nguyen Thi Nga.
Nga is chairwoman of BRG Group and vice chairwoman of the South East Asia Joint Stock Commercial Bank.
Berjaya Land has invested in Vietnam since 2007 with a series of real estate projects in Hanoi and Ho Chi Minh City. Last year, however, they sold shares in major projects, including a $3.5 billion university township project and a $930 million mixed-use development project in Ho Chi Minh City, to some local firms.
Berjaya Vietnam still owns 50 per cent of Sheraton Hanoi hotel and 70 per cent of Berjaya Long Beach Phu Quoc resort.
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