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here is a stark contrast between
two hotel projects behind the
National Convention Centre in
Hanoi. While fluorescent lights
announce the pomp and glory of the
newly-opened JW Marriott Hanoi Hotel,
darkness covers a plot nearby which was
earmarked for a large hotel seven years
ago. The latter project has been trans-
ferred from Japanese investors to a lo-
cal developer, but it remains abandoned
due to further financial issues.
The Marriott International-managed
hotel is actually owned by Bitexco, a
local multi-industry group which has de-
veloped other outstanding real estate
projects such as The Manor Residential
Complex and the Bitexco Financial Tow-
er. JW Marriott is the first hotel Bitexco
has developed. Although it was built as
Vietnam’s real estate market fell into cri-
sis with many developments put on ice,
Bitexco was able to complete the promi-
nent five-star hotel with 450 rooms at a
cost of around $250 million.
Guests are greeted with a spectacu-
lar water feature on arrival. The hotel
features a dramatic cantilevered struc-
ture with tranquil landscaping. Designed
by Carlos Zapata Studio, the iconic build-
ing was inspired by dragons and the
curvy coastline of Vietnam.
“I feel strongly that Bitexco’s vision
of a modern Vietnam has a lot to do
with the design of both the JW Marriott
Hanoi and the Bitexco Financial Tower,”
said Bob Fabiano, general manager of
JW Marriott Hotel.
JW Marriott was not only the first
foray of Bitexco into the luxury hotel
business, but also among the first luxury
hotels developed by any Vietnamese
company. The completion of JWMarriott
Hotel fits with the group’s ethos: “Make
the impossible possible”. Another exam-
ple of the group’s pioneering spirit is the
Bitexco Financial Tower. When Bitexco
chairman Vu Quang Hoi announced this
68-storey tower eight years ago, most
people believed this project could not
be built, as at that time, no buildings in
Vietnam were higher than 33 floors.
It is challenging for all international
companies to develop a skyscraper and
it was even more challenging for Bitexco
to develop the tower in the shape of a
lotus bud as the group could not find
experienced contractors. However, Bi-
texco proved the sceptics wrong when it
completed the tallest building in Ho Chi
Minh City four years ago at the cost of
$270 million. Le Thanh Hai, Party Chief
of Ho Chi Minh City said: “The Bitexco
Financial Tower is a shining example of
forward thinking, visionary design, con-
struction expertise and teamwork”. The
tower has since been featured by CNN,
the Financial Times and Bloomberg. Last
year, the CNN website listed Bitexco Fi-
nancial Tower as one of the 25 greatest
skyscrapers in the world.
Via the successful development of
JW Marriott Hotel and Bitexco Financial
Tower, Bitexco has proven its ability to
develop, manage and operate interna-
tional-standard projects as well as con-
trol construction costs effectively.
But how has a local developer like
Bitexco been able to build such projects?
The answer is simple, according to Hoi.
He appointed international experts like
Carlos Zapata as designer, Hyundai E&C
as contractor and Turner International
as project manager. Between them, they
have a huge amount of experience in de-
veloping skyscrapers around the world.
The two iconic real estate developments
also show Bitexco’s ability to mobilize
cash for large projects despite a chal-
lenging economic environment.
Besides developing other mammoth
real estate projects such as The One Ho
Chi Minh City mixed-use development
and The Manor Central Park township in
Hanoi, Bitexco is venturing into a new
business: building the first expressway
in the country from north of Ho Chi
Minh City to the tourism destination of
Phan Thiet (Dau Giay-Phan Thiet) under
a public-private partnership.
This PPP project is the first of its kind
in Vietnam and the government is still
finetuning the necessary legal frame-
work. Bitexco is ready to be a pioneer
again as was with JW Marriott Hotel
and Bitexco Financial Tower, both of
which now stand as icons of Vietnam’s
growth. Bitexco had pursued this road
project since 2007 under the build-op-
erate-transfer (BOT) investment form.
However, with the guidance and advice
of the Ministry of Transport and World
Bank, Bitexco has taken bold steps to
convert the Dau Giay – Phan Thiet from
BOT into PPP although it is aware of the
great challenges this unprecedented in-
vestment form will pose.
Bitexco’s pioneering spirit