The Ocean Group and Lao Cai International Hotel Joint-Venture Company on July 11 signed a loan contract and a hotel management contract for the construction of a 4-star hotel and entertainment project in Lao Cai city.
The 4.5ha complex will be built in Kim Tan Precinct of the City with total investment capital in the first phase worth VND 299 billion. Of which, the Ocean Bank pledged to loan 60 per cent (equivalent to VND 180 billion).
It is expected to be operational by the end of 2013 under the management of Ocean Hotel and Service Joint Stock Company (OCH), with brand name “StarCity Lao Cai Hotel”. StarCity is one of leading hotel names of the OCH in Ho Chi Minh and Ha Long cities.
Translated by Van Hieu