InterContinental Hotels has signed an agreement with Military Bank Land in order to manage the first Holiday Inn of the Group in Vietnam. Located near the center of Hanoi, the Holiday Inn Hanoi Dong Da is going to boast more than 300 rooms. It is also planned to be completed, as well as in operation, by 2012. It will be a part of a commercial and retail complex that will be more upscale.

Jan Smits, the Chief Operating Officer in Korea and Southern Asia for InterContinental Hotels Asia Pacific, said that the Holiday Inn is planned to strategically fill a white space in the risen number of upscale and luxury hotels that are expected to enter into the market. With this major milestone, they are showing their continuous commitment to Vietnam. Pham Tuan, the former Chairman of Military Bank and the current Chairman of Military Bank Land, said that they are very happy to be partnering up with InterContinental Hotels for this major project. The opening for the hotel is definitely going to meet the increasing demand for hotel accommodations by the rise in visitors to Hanoi.

Hanoi, which is Vietnam’s capital city, anticipates to attract about 2 million travelers from around the world and 7 million travelers from their home country by 2010. InterContinental Hotels opened their first hotel in the country last year under the InterContinental brand name, and they plan to continue their expansion in Vietnam with 7 other hotels on their development pipeline.

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