A source has confirmed to us that the Muong Thanh Group has taken over the hotel and is in the process of renovating it.
Hoang Anh Gia Lai is the first 4-star hotel in the Central Highlands region, located right at Phu Dong Square – the center of Pleiku City, Gia Lai province. The hotel has been in operation since the end of 2005 with 117 rooms.
This hotel and real estate are the last prime locations owned by Bau Duc after the company’s expansion and development of numerous projects in Ho Chi Minh City and even in Myanmar. However, when the economy went into crisis, Hoang Anh Gia Lai Joint Stock Company (HAGL) sold several projects such as Hoang Anh River View (District 2), Phu Hoang Anh (Nhon Trac, House County)… and even their hotel project in Myanmar.
Hoang Anh Gia Lai Hotel at 1 Phu Dong, Pleiku City, Gia Lai. (Photo: HAGL) |
In October 2023, HAGL announced the sale of the Hoang Anh Gia Lai Hotel to a unit, aiming to recoup money to repay debts to BIDV. With this transaction, HAGL recorded a realized liquidation profit of VND 180 billion in September 2023.
The buyer of the Hoang Anh Gia Lai Hotel was Complete Life Gia Lai Investment Company. At that time, Complete Life Gia Lai had just been established for about four months.
The company has a charter capital of VND 200 billion and operates in various fields such as animal husbandry, crop production, sports club activities (excluding dance floor activities)…
Thus, after less than a year under the ownership of Complete Life Gia Lai Investment, the Hoang Anh Gia Lai Hotel has changed hands again.
This is not the first time that Muong Thanh has acquired real estate previously owned by Hoang Anh Gia Lai. In 2019, Muong Thanh purchased the Hoang Anh Gia Lai Danang Hotel, renaming it as Muong Thanh Luxury Song Han. This 5-star hotel is located in the heart of Danang, with 23 floors and over 200 rooms.
Hong Khanh
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