VinaCapital sells stake in Hilton Hanoi to local buyer

VinaCapital, Vietnam's largest asset manager, said on Monday it has sold its 70 percent stake in the Hilton Hanoi Opera hotel to a Vietnamese firm.

VinaCapital did not identify the buyer or reveal the price it received for its stake in the landmark hotel, although it said the sale would result in an internal rate of return of 23 percent over three years.

The firm had bought the stake in July 2006.

The 5-star 271-room colonial-style Hilton Hanoi Opera is located in Hanoi's French Quarter beside the Opera House and has been designated a historic landmark property by Vietnamese authorities.

vietnews, Reuters

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