NewCity Capital, through its investment vehicle NewCity Ho Tram Investment Company, has become a new financial partner in the Ho Tram Strip, an Asian Coast Development (Canada) Limited (ACDL) multi-phase integrated casino resort project currently under development in southern Vietnam.
Terms of the investment were not disclosed.
According to company press materials, NewCity—an entity established by American investor Chien Lee—is the latest in a series of investments Lee has made in hospitality ventures in the Asia Pacific region.
“The Ho Tram Strip is one of the most exciting tourism developments in Asia Pacific,” Lee said in a prepared statement. “This project provides NewCity with the opportunity to participate in the first major integrated resort project in Vietnam. I expect Vietnam to be one of the fastest growing tourism markets in the region and the Ho Tram Strip development has a first mover advantage in the large scale integrated resort market. I look forward to working closely with all of the ACDL team as this incredible project continues to take shape.”
The first phase of the Ho Tram Strip—The Grand Ho Tram Strip—opened its doors a year ago, and includes 541 five star rooms, gaming facilities, meeting and convention space, ten bars and restaurants, a spa, teen’s and children’s areas, three swimming pools, luxury retail shops and The Bluffs—a Greg Norman designed championship golf course.
The Ho Tram Strip is two hours away from Vietnam's largest metropolis, Ho Chi Minh City, and currently includes The Grand, as well as The Bluffs Championship Golf Course, all set on a 2.2 kilometer beach surrounded by protected forest.