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ACDL adds new investor to Ho Tram Strip project
The first phase opened a year ago and has already established itself as the top getaway for residents of southern Vietnam
Ho Tram, Vietnam, July 18, 2014: Asian Coast Development (Canada) Limited (ACDL) on Wednesday announced that NewCity Capital would be its new financial partner in its Ho Tram Strip development in southern Vietnam.
The Ho Tram Strip is two hours away from Vietnam's largest metropolis, Ho Chi Minh City, and currently includes The Grand, as well as The Bluffs Championship Golf Course, all set on a 2.2 kilometer beach surrounded by protected forest.
It is being developed by Ho Tram Project Company, which is a wholly owned subsidiary of Asian Coast Development (Canada) Ltd.
The first phase — The Grand Ho Tram Strip — opened its doors a year ago. It includes 541 five star rooms, gaming facilities, meeting and convention space, 10 bars and restaurants, a spa, teen’s and children’s areas, three swimming pools and luxury retail shops.
The Grand has already established itself as the top getaway for residents of southern Vietnam, who flock to the site every weekend. The Bluffs — the Ho Tram Strip’s Greg Norman designed championship golf course — opened for preview play early in 2014, and is already being hailed as one of Asia’s greatest golfing experiences. A formal inauguration is expected later this year.
THE NEW INVESTOR
NewCity is an entity established by American investor Mr. Chien Lee. It would participate through its investment vehicle NewCity Ho Tram Investment Company. It is the latest in a series of investments Mr. Lee has made in hospitality ventures in the Asia Pacific region.
However, terms of the investment were not disclosed.
Mr. Lee said, “The Ho Tram Strip is one of the most exciting tourism developments in Asia Pacific. This project provides NewCity with the opportunity to participate in the first major integrated resort project in Vietnam. I expect Vietnam to be one of the fastest growing tourism markets in the region and the Ho Tram Strip development has a first mover advantage in the large scale integrated resort market. I look forward to working closely with all of the ACDL team as this incredible project continues to take shape.”
Paul Conway from NewCity added, "The Grand is one of the nine major gaming licenses in Asia, including the six in Macau and two in Singapore. Our 405 acres also allows exciting expansion opportunities in the future."
The investment was welcomed by ACDL’s majority shareholder Harbinger Capital, with founder and principal Mr. Phil Falcone saying, “Harbinger Capital was the first major investor in The Ho Tram Strip project, and we are very excited to have an investor that brings capital as well as marketing and operating expertise to our project.”
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