[March 19th] Le Pavillon Hoi An hotel goes to auction again with $4.4M starting bid

VietinBank is preparing for the third auction of the four-star Le Pavillon Paradise Hoi An Hotel & Spa, with a starting price of VND110 billion ($4.45 million), down 21% from its initial valuation in previous attempts.

The auction includes both the hotel located in the Tan An Ward of Quang Nam Province’s Hoi An town and the adjoining land-use rights, covering an area of over 636 square meters.

The hotel itself occupies 380 square meters and features a total floor space of more than 2,600 square meters, which includes amenities such as a 120-square-meter swimming pool.

Previously pledged as collateral by the tourism company Hoang Ngoc Phat, the property did not sell in two earlier auctions, both set at a starting price of VND140 billion in August and September of 2023.

For this third attempt, the bidding will begin at VND110 billion, and interested parties are required to deposit VND11 billion to participate.

Last year, VietinBank held auctions for two other properties under the Le Pavillon Hoi An brand, also connected to Hoang Ngoc Phat.

Source: VN Express