VietinBank continues to auction Marina Hotel's debt

Vietnam Joint Stock Commercial Bank for Industry and Trade ( VietinBank ) Thanh An branch has just announced the second auction of the debt of Marina Hotel JSC - the investor of the Royal Marina Center project (Swisstouches La Luna Resort) in Nha Trang City, Khanh Hoa Province.

Total outstanding debt as of January 16, 2024 is 646.4 billion VND. Of which, the principal debt is 485.9 billion VND, interest debt is more than 160 billion VND, including more than 155 billion VND of interest within the term, 5.1 billion VND of penalty interest.

The loan is secured by 11 collateral assets related to the above project. Specifically, the first asset is the right to use 5,965.5m2 of land and future assets attached to the land at: Area A, block 8, Vinh Hoa Urban Area, Vinh Hoa Ward, Nha Trang City, Khanh Hoa Province according to the certificate (GCN) of land use rights, house ownership rights and other assets attached to land No. CD 355465 issued by Khanh Hoa Provincial People's Committee on June 6, 2016, GCN issuance registration number: CT - 10772.

The second asset is all real estate belonging to the Royal Marina Center Project - Swisstouches Laluna Resort - Area A and the amended and supplemented documents including but not limited to: Machinery, equipment, furniture, tools, means of transport and other real estate belonging to the Project.

Finance - Banking - VietinBank continues to auction Marina Hotel's debt — Royal Marina Center Project - Swisstouches Laluna Resort.

The remaining collateral assets are the property rights of Ben Du Thuyen Company arising from 291 apartment sale and purchase contracts signed between Ben Du Thuyen Hotel JSC and apartment buyers. This asset has been mortgaged by the Company at VietinBank Thanh An since 2018.

The starting price for selling the secured assets and the above debt is more than 698 billion VND, a 10% decrease compared to the first starting price on January 16, 2024 (excluding VAT).

The deposit is 20% of the starting price, equivalent to 139.6 billion VND. The auction is conducted by indirect voting. The auction is scheduled to take place on the morning of March 6.

Ben Du Thuyen Hotel Joint Stock Company was established in 2011, headquartered in Nha Trang City, Khanh Hoa Province. The current legal representatives of the company are Mr. Tran Ngoc Thang and Mr. La Quang Binh.

Royal Marina Center Project (Swisstouches La Luna Resort) consists of 4 sub-areas with a total investment of nearly 5,000 billion VND. Of which, Area A has an area of nearly 6,000 m2, constructing hotel and tourist apartments. Area B has an area of more than 3,800 m2, constructing hotel and tourist apartments.

Area C has an area of over 18,200 m2, building hotels, tourist apartments and coffee shops. Area D has an area of over 19,300 m2, building hotels, tourist apartments, commercial services and entertainment .

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