SINGAPORE (Jan 8): Adventus Holdings is jointly developing a resort in Vietnam to establish a toehold into the country's hotel sector.

Adventus is an investment holding company that engages in property investment and development, hospitality, project management activities as well as commodities and mineral resources businesses in Asia.

ADV S2, a wholly-owned subsidiary of Adventus, will acquire a 51% stake in Hoi An Pearl Joint Stock Company (HAP) for US$2.474 million ($3.3 million).

HAP, which has two other partners besides ADV S2, is developing a resort with retail and commercial capabilities on 11,797.6 sqm of land at Khoi Xuyen Trung, Phuong Cam Nam, Hoi An in Quang Nam Province, Hoi An.

The resort will consist of hotel rooms and villas, retail spaces and facilities for meetings, conferences and exhibitions.

The total estimated cost for the construction of the project is VND 242 billion ($14.1 million).

This story, written by PC Lee for The Edge Singapore, first appeared on Jan 8.