Gold-gilded hotel on the market for $250 mln

A wealthy entrepreneur nicknamed "Duong beer" is seeking to sell his gold-gilded Dolce by Wyndham Hanoi Golden Lake Hotel at a starting price of $250 million.

Nguyen Huu Duong, chairman of Hoa Binh Co., Ltd., and owner of the Dolce by Wyndham Hanoi Golden Lake Hotel, told local media on Thursday that the facility would be offered for sale in March with a starting price of $250 million, according to local media.

According to Duong, the reason for the sale is because the company's social housing project has not been granted a construction permit by the Hanoi People's Committee, leading to the enterprise falling into a difficult cash flow situation and having to sell assets to settle liquidity.

Dolce by Wyndham Hanoi Golden Lake is the first gold-plated hotel in Hanoi, located by Giang Vo Lake, Dong Da district. The hotel opened in July 2020 after about 18 months of construction with an investment of more than $100 million.

This hotel features tiles covered with 24k gold. Inside the lobby door, elevator doors and interior are also covered with gold.

The hotel has 24 floors with 360 rooms. Standard rooms are 40-48 square meters, while luxury suites cover 70-90 sqm. The most luxurious is the 184sqm presidential suite that can accommodate up to 10 guests.

Nguyen Huu Duong, 68, is known as the first person to establish a private brewing company in Hanoi. Later, he entered the real estate sector with big projects like Hoa Binh Green City, Hoa Binh Green Apartment, and Hoa Binh Green Complex Da Nang.

In April 2022, at the opening ceremony of a social housing project built by Hoa Binh Group, Duong said that from now on, the business will only focus on social housing projects, building 10,000 social houses in Hanoi and nearby Bac Ninh province.

According to Duong, his company possesses nearly 9,000 square meters of land in Vinh Hung ward, Hoang Mai district, Hanoi, and they plan to build a social housing project with a scale of over 1,700 apartments at a selling price of VND12-18 million ($758) per square meter. However, after nearly a year, the project has yet to be granted in-principle approval by the Hanoi People's Committee.

In 2019, Hoa Binh Group's net revenue reached VND1,726 billion ($72.76 million), while net profit was VND322.7 billion ($13.6 million).

Its profit margin on sales was approximately 19%. By the end of 2019, Hoa Binh's total assets were VND9,072 billion ($382.43 million), and equity stood at VND953.1 billion ($40.18 million).