Alphanam starts $208 mln Marriott-branded complex in northern Vietnam

Vietnamese multi-sector corporation Alphanam Group has broken ground on a VND5.5 trillion ($208.5 million) luxury hotel and apartment complex in Sa Pa, a popular tourist destination in the northern province of Lao Cai.

The development, part of the Muong Hoa international resort complex, is expected to be completed in 2027.

It will house the Courtyard by Marriott Sa Pa, with 316 hotel rooms, 192 serviced apartments and nine bungalows, as well as the Apartments by Marriott Bonvoy Sapa, featuring 354 residences and 18 townhouses.

The move follows two projects Alphanam started in July worth a combined VND4.3 trillion ($163 million): the Sofitel Sapa Hotel & Residences and the Holiday Inn Resort Sapa.

Founded in 1995 by chairman Nguyen Tuan Hai as an electrical engineering contractor, Alphanam has since diversified into real estate, manufacturing, services and hotel management.

The group controls a land bank of more than 5,000 hectares nationwide and is developing over 50 projects, ranging from urban townships to resorts and high-end housing.

In recent years, Alphanam has accelerated its expansion through joint ventures and new developments. It was pre-qualified for the Muong Hoa urban project in 2018, proposed a four-star hotel in Lai Chau in 2019, launched the Altara Residences Quy Nhon in Binh Dinh province (now part of Gia Lai province) later that year, and surveyed an eco-tourism site in the central province of Quang Ngai in 2020.

Last December, a consortium including Alphanam units Dong A Golden Square JSC and Foodinco Quy Nhon JSC started construction of the Golden Square social housing project in Lao Cai, valued at VND2.1 trillion ($79.6 million). The development will include four residential towers of 18 - 23 floors.

Sapa is famous for its breathtaking scenery, particularly its iconic terraced rice fields, misty mountain landscapes, and the highest peak in Vietnam, Mount Fansipan. It is also known for its rich ethnic culture, vibrant local markets, and the opportunity for hiking and trekking through picturesque valleys and villages. Sa Pa welcomed over 4.6 million tourist arrivals in 2024 and targets 5.8 millon visitors this year.