ITC Spectrum gets a stay of execution

ITC Spectrum gets a stay of execution JANUARY 7, 2013 BY VIR LEAVE A COMMENT The US’ ITC Spectrum LLC has failed to meet the deadline given by Binh Dinh Provincial People’s Committee for advancing money for land compensation costs to build two luxury hotels under Ritz-Carlton and JW Marriott brands in the central province. However, the local government will not revoke the investment certificate of the investor as previously threatened. Man Ngoc Ly, director of Binh Dinh Provincial Economic Zone Management Authority, said ITC Spectrum had not transferred VND21 billion, or $1.04 million at the current exchange rate, before December 31, 2012 as committed. “The investor said they had trouble with procedures for money transfer, so that they failed to make commitment on time,” said Ly. In September 2012, Binh Dinh Provincial People’s Committee asked the investor to advance the $1.04 million sum before October 31, 2012 or the provincial committee would revoke the investment certificate of this project. But the investor asked the government to extend this deadline by the end of 2012 and this petition was approved. “Site clearance and land compensation will not complete if the investor does not advance money. We understand that they are in a difficult situation, therefore we will not withdraw the project’s investment certificate at the current time,” said Ly, adding the local authorities continue to support the investor. Under the commitment with Binh Dinh, Ly said, ITC Spectrum would have to cover all VND135 billion ($6.4 million), of compensation and site clearance costs. The $1.04 million is just a part of the total amount. Until now, only 135 out of 325 hectares of the project site have been cleared. ITC Spectrum is developing Vinh Hoi resort project through a wholly-owned subsidiary Vietnamese-American Hotel and Resort Limited Company. In 2010, Marriott International signed a management agreement with the US firm to manage the project under two luxury hotel brands including Ritz-Carlton and JW Marriott. According to Marriott International, the project will be an oceanfront, fully-integrated, mixed-use development including three resorts, a championship 18-hole golf course designed by Robert Trent Jones II, residential villas, a retail village, an arboretum and other recreational amenities. However, construction of this project, licenced in 2007, has never begun due to site-clearance difficulties. In September 2012, the Vietnamese government agreed to extend lifetime of this project to 55 years from 50 to partly compensate for the time delay caused by these difficulties.

Marriott, Ritz-Carlton, Outrigger to Manage Three Resorts in Central Vietnam

AUGUST 29, 2010 BY VCCINEWS LEAVE A COMMENT Marriott International, Ritz-Carlton and Outrigger Hotels and Resorts Asia on August 24 signed deals with Vietnamese American Hotel and Resort Co., a wholly owned subsidiary of the U.S. investment firm ITC Spectrum LLC., to manage three resorts in Vietnam’s central province of Binh Dinh. Under the deals, the three world leading hotel operating companies will manage three resort projects inside what is called the $250 million Vinh Hoi Bay Golf Resort. The Outrigger Vinh Hoi Bay Resort and Spa with 210 rooms and 46 private villas will start construction in mid-2011 and is expected to open for business at the end of 2013. The 100-villa Vinh Hoi Bay – A Ritz-Carlton Reserve and the 320-room JW Marriott Vinh Hoi Bay Resort & Spa are expected to begin construction in early 2012 and be completed in 2014. Vinh Hoi Bay Golf Resort is 25 kilometers north of Quy Nhon City and 20 minutes away from Phu Cat Airport in the central province. “Ritz-Carlton and Outrigger are two new tourism brands in Vietnam and we are very pleased to have these prestigious American brands be a part of the Vinh Hoi Bay development,” Tran Duc Canh, chairman and CEO of Vietnamese-American Hotel and Resort, said at the signing ceremony. “We are delighted with this visionary opportunity to further expand our lodging portfolio in Vietnam. These resorts will rank among the best, most luxurious properties in Asia,” Edwin Fuller from Marriott International noted. (Young People, www.dtinews.vn)

Marriott plans two luxury brands in Vietnam in 2014.

Marriott plans two luxury brands in Vietnam in 2014. Friday, 27th August 2010 Source : Marriott International First Ritz-Carlton Reserve and third JW Marriott to open in Vietnam, while Marriott currently manages two properties in Vietnam already: the Renaissance Riverside Saigon and the New World Hotel Saigon in Ho Chi Minh City. Four additional properties are currently planned or under construction in Vietnam. At signing ceremonies today in Quy Nhon, Marriott International announced it will open two award-winning luxury hotel brands here in 2014 under a management agreement signed with Vietnamese-American Hotel and Resort Limited Company, a wholly-owned subsidiary of the American company, ITC Spectrum, LLC. The 100-villa Vinh Hoi Bay-A Ritz-Carlton Reserve will be the first Ritz-Carlton Reserve and the 320-room JW Marriott Vinh Hoi Bay Resort & Spa will be the third JW Marriott property announced for Vietnam. Construction on both properties is expected to begin in early 2012. Speaking for Marriott International, Mr. Fuller said, “We are delighted with this visionary opportunity to further expand our lodging portfolio in Vietnam. These resorts will rank among the best, most luxurious properties in Asia and we are honored to participate in the emergence of Vietnam as world-class resort destination. We are confident that, given the hospitality of the Vietnamese people coupled with the unique beauty and historic significance of this particular part of Vietnam and the extraordinary ambience of these two distinctive resorts, both properties will be in high demand from the start.” Mr. Canh of ITC Spectrum LLC, said, “We are very pleased to have the Ritz-Carlton and JW Marriott brands as a part of the Vinh Hoi Bay development. We are confident in our partnership with Marriott International and in their ability to deliver world-class service to our guests. With our top-notch development and resort operator teams already on board, we have no doubt that Vinh Hoi Bay, positioned as an international luxury destination resort, will add a significant milestone to the Vietnamese tourism industry and in Asia as a whole.” Both resorts will be located on Vinh Hoi Bay, approximately 25 kilometers north of the city of Quy Nhon, on the central coast of Vietnam. They will be part of a 325-hectare oceanfront, fully-integrated, mixed-use development which will initially include three resorts, including the Ritz-Carlton and JW Marriott properties, a championship 18-hole golf course designed by Robert Trent Jones II, residential villas, a retail village, an arboretum and other recreational amenities. Later phase of the development will feature three additional resorts, more residential properties, an equestrian center, a marina and other amenities. Quy Nhon is located in Binh Dinh province between Danang and Nha Trang. Its origins date back to the 11th century and the Champa kingdom for which its legacy—the Cham culture’s temple complexes—can be seen throughout Quy Nhon. The topography of Binh Dinh province is diverse and attractive, offering visitors lush highlands, forests, alluvial plains, lakes and beaches—all in one destination. The airport, which is located 20 minutes from Vinh Hoi Bay, is slated to offer direct international flights in the coming years. Vinh Hoi Bay - A Ritz-Carlton Reserve The luxuriously appointed, 100-villa Ritz-Carlton Reserve will be perched along a hillside on the southern edge of the complex in Quy Nhon. With accommodations that offer unspoiled ocean views, private plunge pools, indoor and outdoor showers set among lush indigenous flora, the sense of privacy and comfort will allow guests to indulge in the scenery and detach from the world during their stay. The design philosophy unifying every Ritz-Carlton Reserve is the creation of astonishing experiential spaces that celebrate guest individuality and the uniqueness of place. By creating designs that blend seamlessly into ultra-remote private locations, Ritz-Carlton Reserve amplifies extraordinary parts of the world in a sustainable way. Design inspiration is taken from the unique environment in which each property is based. From native architectural signatures and innovative local art to indigenous furniture and motifs inspired by regional tradition, every design element of a Ritz-Carlton Reserve powerfully locates guests in a sense of rare place. More importantly, respect for the unique character of every guest informs all design elements of a Ritz-Carlton Reserve by focusing on the essentials of individuality. “The Ritz-Carlton Reserve portfolio of idyllic retreats offers guests a contemporary interpretation of the local lifestyle and culture. The concept is simple and yet exudes style and luxurious levels of comfort. This resort will provide a complete escape to the unexpected; a private, exclusive leisure experience that blends unique elements of the local culture, history and heritage with intuitive individual service, exquisite indigenous design, casual ambiance and respect for the surrounding environments,” said Simon Cooper, president and chief operating officer, The Ritz-Carlton Hotel Company. “We do not work to one design mold, but rather allow the creative process to be destination and customer focused. Vinh Hoi Bay – A Ritz-Carlton Reserve will personify a unique design befitting its locale. Coupled with the natural warmth and easy smiles of the Vietnamese people and the legendary Ritz-Carlton service, Vinh Hoi Bay will be the perfect destination to host the first of Ritz-Carlton Reserve’s exotic, hand-picked hideaways in Vietnam.” For dining and entertainment, the resort will have three restaurants including a specialty restaurant that will offer its guests stunning sea views and open-air seating, a lounge and bar adjacent to the lobby and a lounge on the beach. Recreational amenities will include a luxurious Spa with eight treatment rooms, each with a private steam room, restroom and indoor and outdoor shower and bath, a spa boutique, a yoga/meditation pavilion and a hair and beauty salon. The resort will also have a swimming pool located near the fitness center, children’s and teens Clubs and a library/business center. Additional amenities will include a wedding chapel and gift shop. For social events and small conferences, the resort will have 200 square meters of function space that will be divisible into two sections and will feature an open-air pre-function area. JW Marriott Vinh Hoi Bay Resort & Spa Boasting distinctive architectural and interior design features that evoke its surroundings, the beachfront, 320-room JW Marriott Vinh Hoi Bay Resort & Spa will be the centerpiece of the complex. Besides offering expansive sea views from most guest rooms, the resort will have a lake around which its front entrance, conference facilities, Spa and some of its restaurants will be clustered. It will offer a mix of beautifully appointed guest rooms and suites—all with luxurious bed and bath amenities and modern connectivity. Accommodations will have baths with separate showers and tubs; upgraded Griffin Club rooms will have five fixture baths. A stand-alone Griffin Club Villa with indoor lounges and an outdoor patio, permanent food service and reception desk will be located adjacent to the Club rooms and suites wing for the convenience of its guests. For dining and entertainment, the resort will have four extraordinary restaurants offering unique and imaginative dining experiences and a pool bar. Meanwhile, a spacious, contemporary lounge and bar near the lobby will change its mood and look throughout the day, inviting guests to linger over a morning coffee or gather spontaneously with friends or acquaintances from morning through evening. Recreational amenities will include a Spa featuring 10 treatment rooms; three swimming pools including a quiet pool at the Club wing and a separate children’s pool; a state-of-the-art fitness center including sauna, steam room and Jacuzzi; a Kids Club; recreation room/library and a water activities center. Additional amenities will encompass a full-service business center offering a comprehensive spectrum of business services, hair/beauty salon, concierge desk, gift shop and a retail arcade. For social events and conferences, the resort will have 960 square meters of function space including three meeting rooms in varying configurations and a board room. JW Marriott is part of Marriott International’s luxury portfolio and consists of beautiful properties in gateway cities and distinctive resort locations around the world. These elegant hotels cater to today’s sophisticated, self-assured travelers, offering them the quiet luxury they seek in a warmly authentic, relaxed atmosphere lacking in pretense. JW Marriott properties artfully provide highly crafted, anticipatory experiences that are reflective of their locale and give their guests time to focus on what is most important to them. Currently, there are 46 JW Marriott hotels in 19 countries; by 2013, the portfolio will encompass 73 properties in 28 countries. Marriott International currently manages two properties in Vietnam -- the Renaissance Riverside Saigon and the New World Hotel Saigon in Ho Chi Minh City. Four additional properties are currently planned or under construction in Vietnam. They include the 250-room Nha Trang Marriott Hotel and the 200-room Courtyard by Marriott Ham Tan, Vietnam, both of which are scheduled to open in 2013. The 450-room JW Marriott Hotel Hanoi and the 271-room JW Marriott Danang Resort are expected to open in 2014.