Cuba Business

Vietnam agency to build giant resort in Cuba

Posted October 04, 2008 by publisher in Cuba Business.

The Housing and Urban Development Corporation of Vietnam has signed a memorandum of understanding with Cuba’s Palmares Group to build a 36-hole golf course and tourism/service/apartment complex in Colodera Bauta.

The project is designed to cover an area of 300-400 hectares including a 180 hectare lake.

A Cuba/Vietnam joint venture will be established to run the project where Cuba and Vietnam will each hold a 50% equity stake for 50 years.

Cuba based Palmares will hire consultants to assess the value of the land plot, which will be considered its capital contribution.

Palmares is comprised of eighteen Cuban companies running restaurants, entertainment venues and golf courses.

Vietnam has also negotiated with Palmares to build a second golf course in Cabodela in Varadero.

Besides the cooperation with Palmares, the Vietnamese agency has also talked with Cubanacan, the leading tourism group in Cuba, about building a five star hotel with eight hundred rooms which is expected to be located on a nine hectare plot of land in Santa Lucia de Cuba in Camaguey. The land plot is located next to a hotel run by Barcelo group Ignacio Agrimante.

According to Melia las Americas’ General Director, Santa Lucia is an attractive place with beautiful beaches yet there are only a few hotels there. In addition, Santa Lucia de Cuba is located near Ignacio Agrimante international airport.

Vietnam has aslo talked with Cuba about upgrading the Capri Hotel in Havana in return for a 20% equity stake in the hotel.

Member Comments

On October 04, 2008, publisher wrote:

Does anyone know where Colodera Bauta or Cabodela is located?

On January 27, 2009, publisher wrote:

FYI, here’s a map of Bauta Cuba in relation to Havana.