Japanese firm plans to build 100 hotels in Vietnam

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Japanese hotel chain Tokyo Inn is planning to build 100 hotels in Vietnam, said the company's president in Hanoi on February 22.

Nishida Norimasa, president and founder of the Tokyo Inn Corporation, said the planned three-star hotels will be similar to those of the firm's chain of 243 hotels in Japan, news website Vietnamplus reported Friday.

Tokyo Inn's plan is to lease and rebuild existing hotels in Vietnam, along with building new ones.

In order to rebuild existing hotels, the company will cover the expenses of the monthly rent, plus 20 percent of what it will cost to renovate the buildings, in advance. It will lease the buildings for between 20-30 years.

The company will pay the remaining 80 percent of the renovations costs once construction has begun.

The firm will carry out its plans in major Vietnamese cities with populations in excess 100,000 citizens. It will especially seek out locations near airports and other transport stations, said Nishida.

Each 10-12 floor hotel will have between 150-250 rooms and be designed by Japanese architects, he said.

The president said he believes Vietnam's economy will improve in the near future and therefore the project will be successful.

Japan now ranks third among 84 countries and territories investing in Vietnam in terms of registered capital.

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