The tallest hotel in Vietnam finds "exit door"

By Manh Phong - Sep 26, 2017 | 02:58 PM GMT+7

TheLEADERAfter more than 10 years since the start of construction, 5 star hotel in the tallest building in Vietnam is finally open for guests.

The tallest hotel in Vietnam finds "exit door"
Landmark 72 is the highest building in Vietnam - Photo: TheLEADER

The tallest building in Vietnam, Landmark 72, opened more than six years ago but few know that its tallest part which is designed to be a hotel has been vacant.

This hotel is located from the 62th to 71st floors of the 72-storey tower with 359 5-star standard rooms. From the start of the project, Korean investor Keangnam Enterprises advertised that the hotel will be branded 'InterContinental'.

At the end of 2011, the complex on Pham Hung Street in the west of Hanoi was inaugurated. Of which, two 50-storey towers with 928 apartments have been sold from US$2,700 to US$3,000 per square meter. The total area of 35,000 square metres was leased to Parkson (Malaysia) as a shopping center.

All space from floor 12 to floor 46 is used as office for lease with a total area of 90,000 square metres which is equivalent to the total area of grade A office buildings in central Hanoi.

At the time of completion in 2011, Landmark 72 was the tallest building in Vietnam and 17th in the world with a height of 350m.

However, only 5 star hotel has not been completed although the InterContinental Hotels Group has already announced the preparation for the opening before.

In 2015, Parkson suddenly closed the mall because of operating losses in Vietnam, which made difficulties continue pile up. At the same time, the business of Keangnam Enterprises became much worse after scandal related to black fund and accounting fraud that made the president to suicide in April 2015.

Keangnam Enterprises had to borrowed US$510 million from 5 Korean banks to develop a US$1 bllion-project in Vietnam.

Last year, the Korean Mirae Asset Financial Group and Japanese AEON shopping mall Corporation bought the entire debt of Keangnam Enterprises and became the owners of the tallest tower in Vietnam.

Under new owner, the completion of the hotel was resumed and recently InterContinental has announced the opening of this hotel. The room price at opening time is US$108++ per night.

However, the shopping mall has not shown any signs of reopening since Parkson withdrew.