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Saigontourist Lines Up 5 Hotel Purchases in Bid to Tackle Recovering Global Markets

(SAIGON, VIETNAM) -- With a war chest estimated at over $1 billion, Saigontourist is scouting for 200-room-plus hotels in city centers  that will make it a name player in the international lodging industry.

The company already has contracted to purchase the 252-room Fisherman's Wharf in San Francisco. That deal is expected to close by year end for $44 million or $174,603 per room.  The price has been discounted from the listed price of $55 million. 

Saigontourist also has purchase contracts for hotels in Tokyo, Berlin, Hong Kong and Moscow.

"Now is a very good time for property buyers as prices have dropped," says Saigontourist General Director Nguyen Huu Tho. "That's why we want to seize this chance."

Tho says the company's expansion plans "will help develop Saigontourist into an international name."

Saigontourist posted a turnover of nearly VND7.5 trillion ($421 million) last year, a 14.4 percent increase year-on-year. It plans to increase this to $1 billion by 2015, Tho says. 

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