Pullman Hanoi stands as a renowned hotel in Vietnam’s capital city. Beyond its modern architecture and the century-old brick factory chimney, the story of the conglomerate behind it sparks curiosity.
Meet Accor, a French hospitality giant and a global leader in the hotel industry.
Exterior view of Pullman Hanoi (Image: Pullman Hanoi)
(Image: S.A)
According to Vietnamnet, the site where Pullman Hanoi stands was originally home to the Tam Noi Brick Factory, founded by Mr. Nguyen Van Giem (also known as Nam Giem). In the 1920s, as noted by Pullman Hanoi’s official Facebook account, the factory’s chimney was the tallest structure in the city, symbolizing Vietnam’s entry into the early 20th-century industrial era.
By the 1990s, the brick factory was demolished, and the land was leased to Indonesia’s P.T. Global Metropolitan Development to build the Hanoi Horison Hotel. Despite multiple constructions and demolitions, the factory’s chimney remained intact.
In 1998, the Hanoi Horison Hotel officially opened its doors.
The century-old chimney preserved within the hotel grounds (Image: Pullman Hanoi)
As reported by Vietnamnet, the hotel was owned by Global Toserco Limited, a joint venture between P.T. Global Metropolitan (comprising Ciputra Group, Metropolitan Group, and Prasidha Group) and Hanoi Tourism Services Company (Hanoi Toserco).
In 2001, the Indonesian investor faced a crisis with bad debts totaling $49 million, but Hanoi Horison remained under the same ownership, only changing its name.
Accor, a global hotel industry leader, decided to invest in Hanoi Horison. After reaching agreements, Accor took over in August 2009 and committed to upgrading the hotel.
Accor invested $15 million (approximately 262.5 – 270 billion VND in 2009 rates) in a comprehensive renovation. Renamed Pullman Hanoi, the hotel retained its historic brick factory foundation and chimney. On November 22, 2012, Pullman Hanoi officially reopened and has been operating ever since.
Interior areas of Pullman Hanoi (Image: Pullman Hanoi)
Accor Group, headquartered in France, is one of the world’s leading hotel conglomerates.
According to Accor’s website (as of late October 2025), the company was founded in 1967 by Paul Dubrule and Gérard Pélisson. It currently operates in over 110 countries, with 5,700 hotels, 840,000 rooms, and 360,000 employees worldwide.
Starting with mid-range hotels, Accor rapidly expanded into the luxury segment by acquiring Sofitel in 1980 and going public in 1983. Over half a century, the group has built an ecosystem of over 45 brands, ranging from luxury (Raffles, Fairmont, Sofitel, Pullman) to midscale and economy (Novotel, Mercure, ibis).
Accor operates on an “asset-light” model, focusing on management and franchising rather than owning properties. Its business structure is divided into two main segments: Luxury & Lifestyle and Premium, Midscale & Economy. Accor also owns digital hospitality and event management companies, including onefinestay, D-Edge, ResDiary, John Paul, Potel & Chabot, and Wojo.
According to its 2024 financial report, Accor’s revenue reached approximately €5.6 billion (equivalent to 151.2 trillion VND). The company continues to expand in the Asia-Pacific region while investing heavily in digital transformation and customer experience.
Gérard Pélisson (left) and Paul Dubrule (right) – Accor’s co-founders (Image: Internet)
Record-Breaking Unrecorded Sales of VHM Reach 223.9 Trillion VND by End of September
According to the consolidated Q3/2025 financial report, Vinhomes JSC (HOSE: VHM) recorded a net revenue of VND 51.1 trillion and a net profit of nearly VND 14.4 trillion in the first nine months of the year.
Resident Deposits in Credit Institutions Reach 8 Quadrillion Dong
Data from the State Bank of Vietnam reveals that, to date, resident deposits in credit institutions have reached approximately 8 quadrillion VND, marking a nearly 13% increase compared to the same period last year.
Eximbank Credit Grows by 8.51%, Pre-Tax Profit for 9 Months Reaches VND 2,049 Billion
Eximbank is embarking on a transformative journey, poised to establish a robust foundation for sustainable growth and solidify its position within Vietnam’s financial and banking ecosystem.
HDBank Surpasses 14,800 Billion VND in 9-Month Profit, Maintains Lead in Profitability, Dividends, and Bonus Shares Up to 30%
HDBank (HOSE: HDB) has reported a consolidated pre-tax profit of VND 14,803 billion for the first nine months of 2025, marking a 17% year-on-year growth. The bank continues to lead the industry in profitability metrics, boasting an impressive ROE of 25.2% and ROA of 2.1%, underscoring its operational efficiency and robust financial foundation.
FTSE CEO: Vietnam Poised for Deeper Integration into Global Capital Markets
The forum titled “Emerging Vietnam: Beyond the Upgrade,” hosted by SSI Securities on October 30th, offered profound insights into the prospects of Vietnam’s economy and stock market following its elevation to emerging market status.
