Up for auction is the land use right and hotel construction project on Lot L6E at 14 Nguyen Thai Hoc, Phu Hoi Ward, Hue City, and Lots 141, 146, and 147, Map Sheet No. 13, at 16 Nguyen Thai Hoc, Phu Hoi Ward, Hue City.
The total land area up for auction is 757.4 square meters, and the attached asset is the Romance Hotel of Doanh Ngan Limited Liability Company, which includes a 12-story building + basement + mezzanine; a construction area of 597 square meters; and a floor area of 7,294 square meters. The total starting price of the auctioned asset is over VND 107.919 billion. The deposit is VND 6 billion, and the bid increment is VND 1 billion.
The auction participation dossiers will be sold and registered from the date of posting until 5:00 PM on September 17, 2024, at the Thua Thien Hue Province Asset Auction Service Center.
The auction will be held in the form of direct voting at the auction and the upward bidding method. The auction will take place in the afternoon of September 20, 2024, at the Thua Thien Hue Province Asset Auction Service Center, located at 17 Nguyen Van Linh, An Hoa Ward, Hue City, Thua Thien Hue Province.
Notice of Auction for Romance Hotel.
Previously, on August 1, 2024, the Thua Thien Hue Province Asset Auction Service Center and the Thua Thien Hue Province Department of Civil Judgment Enforcement also announced the auction of the land use right and hotel construction project of Romance Hotel. The starting price at that time was over VND 117 billion.
Not long ago, the 4-star Romance Hotel was also announced to be auctioned on June 10, 2024, at the Thua Thien Hue Province Asset Auction Service Center, located at 17 Nguyen Van Linh, Hue City. The starting price offered was over VND 127 billion.
Also, at the Thua Thien Hue Province Asset Auction Service Center, on March 15, 2024, an auction for the Romance Hotel was held. The starting price offered was over VND 137 billion.
Thus, from the beginning of the year until now, after three unsuccessful auctions, the Romance Hotel will be auctioned for the fourth time on September 20, with a starting price nearly VND 30 billion lower than at the beginning of the year.
Romance Hotel enjoys a prime location on Nguyen Thai Hoc Street, Phu Hoi Ward, Hue City.
It is known that during the period of 2007-2010, Doanh Ngan Limited Liability Company (16 Nguyen Thai Hoc, Hue City) with Mr. Nguyen Nhat Huy as its legal representative, signed credit contracts with Vietinbank to borrow capital for investing in the construction of Romance Hotel and supplementing the company’s business activities. The company based these contracts on capital contribution agreements using land use rights and assets attached to the land.
Subsequently, Doanh Ngan Company voluntarily mortgaged all the assets of Romance Hotel, along with the land and assets on the land of the contributing members, to borrow a total amount of over VND 60 billion.
In May 2011, Doanh Ngan Company failed to repay the loan. As of May 19, 2022, the principal debt amounted to over VND 60 billion, the interest within the term was over VND 78 billion, and the overdue interest was over VND 39 billion, bringing the total amount that Doanh Ngan Company had to pay to more than VND 178 billion.
According to the verdict No. 25/KDTM-PT dated August 29, 2022, the Da Nang Court of Appeals agreed to allow Vietinbank to request the civil judgment enforcement agency to handle the mortgaged asset to recover the debt, which is the asset attached to the land – the Romance Hotel of Doanh Ngan Company.
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