An American company said Thursday it hopes to develop Vietnam's biggest seaside resort on China Beach, the rest and relaxation destination popular with U.S. servicemen during the Vietnam War.
BBI Investment Group Chartered plans to build a $243 million complex of five hotels, a golf course and a conference center by 2004, said Stewart Stemple, BBI's managing director in Vietnam.BBI will become the largest American investor in Vietnam since the United States removed a 19-year economic embargo against its former foe in February 1994.
Stemple said the State Committee for Cooperation and Investment approved the project March 31, after first clearing it with Vietnamese Prime Minister Vo Van Kiet. The resort site is six miles south of Da Nang.
BBI, based in Chevy Chase, Md., owns a 67 percent share in the venture. Its Vietnamese partner, the Non Nuoc Tourist Co., holds the remaining stake.
Three American companies - Sheraton, Westin and Ritz-Carlton - have expressed interest in operating a hotel at the site, Stemple said.