Vietnam's realty conglomerate Bitexco raises stake in hotel chain

Thanh Nien News

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Bitexco Group, one of Vietnam's major real estate developers, has increased its stake to 70.5 percent in a hotel and resort operator in the central province of Thua Thien-Hue, local media reported on Tuesday.
Prior to the deal, Bitexco owned a 7.5 percent stake in Huong Giang Tourist JSC, news website VnExpress said. The value of the deal has not been revealed. 
One of the biggest hospitality businesses in the province, Huong Giang has stakes in 14 hotels, resorts and travel companies.
It posted a loss of VND13.7 billion (US$604,000) last year, compared to VND3.7 billion ($163,000) in 2014, according to the website.
Bitexco has developed more than a dozen of projects around Ho Chi Minh City, but is best known for the city's tallest skyscraper Bitexco Financial Tower.
Figures from Thua Thien-Hue's tourism department showed 1.69 million tourists visited the province in the first six months, an increase of 6.7 percent year-on-year. Foreign tourists accounted for around 36 percent of the total arrivals.

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