Construction Starts at Raffles Residences Danang
One of Phuket's growing regional competitors the beach location of Danang in Vietnam has seen the construction commence of the luxury Raffles Resort and Residences. With 142 guest room and 39 luxury residential villas to be hotel managed the project is expected to complete in mid 2011.
Formerly owned by a group affiliated to the Middle East's Kingdom Hotel Investments, the project was sold to growing property investor Vingroup. Kingdom had also been part of the former Raffles Phang Nga development which it exited from which is now set to go into the ground as Similan Beach, A Ritz-Carlton Reserve in Bo Dan, Phang Nga. KIH continues to hold its interest in the Moevenpick Resort in Karon which was a high priced acquisition a few years back.