DANANG – A project comprising a luxury coastal resort and villas— Fusion Resort & Villas Danang—in Ngu Hanh Son District, Danang City, has been granted an adjusted investment license with a total investment capital of VND2,112.8 billion (US$92 million).
According to the Danang City Department of Planning and Investment, the license was issued to Nam Phat Hotel and Villa Co., Ltd. After the adjustment, the project capital was increased from VND380 billion to VND2,112.8 billion.
In 2015, VinaCapital, a large investment and asset management firm in Vietnam, and Nam Phat started construction on this 15-hectare project comprising 85 villas and an 18-story hotel, apart from other facilities such as a spa, a restaurant, a fishing sports club, a kids club, a tennis court, a swimming pool, a car park, etc.
The Saigon Times has learned that the real investor of Fusion Resort & Villas Danang is Lodgis Hospitality Holding Pte. Ltd., a joint venture between Warburg Pincus and VinaCapital, which was established in November 2016 and headquartered in Singapore.
Speaking to the Saigon Times on October 5, a Fusion representative said that the project was meant to be completed in 2022 but had been delayed due to the Covid-19 pandemic.
In June 2019, Fusion released a press announcement introducing the Fusion Resort & Villas Danang project.
Warburg Pincus (headquartered in the United States) entered the Southeast Asia market in 2013. Its two prominent deals in Vietnam comprise the US$300-million investment in Vincom Retail and the more than US$370 million investment in Techcombank.
In 2016, Warburg Pincus and VinaCapital established a joint venture, Lodgis Hospitality Holding Pte. Ltd., whose initial capital was US$300 million, aimed at acquiring, developing and managing properties across Southeast Asia, including resorts under the Fusion brand. Lodgis has bought the entire Legend Metropole Hotel in Hanoi.
By Nhan Tam