Tonino Lamborghini

RESEARCH & VISION

The coast: map & 360°Tourism & demandPrices & competitionVision & benchmarks17 full project reportsEvidence & sources

VIETNAM ULTRA-LUXURY / RESEARCH & VISION

Tonino LamborghiniA new address.
A new horizon.

Da Nang, Vietnam.

Explore the vision
HOTELS · RESIDENCES · VILLASDA NANG · COASTLINE FILMSCROLL

HOW TO READ THIS

See the coast first.
Then read the market.

Five parts, in order. The place comes first: the coastline in 360° and every luxury project on the map. The market, the vision and the full evidence follow.

Research cut-off: 11 September 2026. Every report, table and source is openly readable on this page. Dated asking prices are not achieved transactions.

Da Nang coastline / 16°03′ N, 108°15′ E / 360°

The coastline.
From every angle.

Explore three panoramic views of Da Nang’s coastline, from the beachfront to the city skyline. Drag to look around and choose a viewpoint below.

Da Nang coastline panorama
DA NANG / COASTLINE

Coastline panorama

Drag to look · tap a marker to move

Panoramic destination context. These aerial views combine coastline photography with rendered architecture; they are not a record of completed buildings.

Da Nang / the coast, mapped

Sixteen degrees north.
This is the coastline.

An international airport, a working city and roughly thirty kilometres of resort coast running south to Hoi An. Every operating and announced luxury project is plotted here. Select a pin or a project name for its profile.

16Da Nang corridor projects
3Construction-evidenced schemes
3Announced / future openings
+1Lang Co regional benchmark

Selected relevant projects, not a census of every five-star hotel. Status reflects the dated evidence in each project report. Ha My, Dien Ban and Hoi An belong to the enlarged Da Nang municipality; Lang Co is in Hue.

Loading the coastal project map…
The complete project profiles are available below.

DA NANG
THE COASTAL PROJECT LANDSCAPE
Tap a pin · tap clusters to expandDashed circle = approximate area
The project index

16 projects shown · choose a project to read its profile

Core benchmarks identify the most relevant service, product or international brand-entry comparisons. Wider-market projects provide context; they are not all positioned at the same level as Aman or Mandarin Oriental. Classifications and strategic implications are the research team’s analysis.

Every report opens beside the map: ownership, land area, investment scope, delivery history and commercial evidence. The library at the end of the page holds the same seventeen reports as one sequential, citable record.

Read the seventeen reports in sequence
Vietnam / the demand foundation

A larger visitor economy.
A growing luxury audience.

The national market is expanding. The investment case still depends on spending, length of stay and conversion into high-value room nights.

21.2m

International arrivals · 2025

+20.4% year on year[2] [3]
137m

Domestic trips · 2025

Domestic demand adds scale[5]
15.9m

International arrivals · Jan–Aug 2026

+14.4% year on year[6] [7]

Growth creates the opening.
Product creates the premium.

2025 tourism receipts were approximately VND1 quadrillion. This is a broad visitor-economy measure, including much more than hotels. It is evidence of scale, not an addressable revenue pool for one resort. [5]

The 2026 national ambition is 25 million international arrivals. The 15.9 million recorded through August represents 63.6% of that target, not an achieved full-year result. [7]

A luxury project needs a much narrower demand study: source-market wealth, seasonality, suite and villa bookings, distribution cost and repeat visitation. Arrival growth alone cannot establish an achievable room rate.

Access has improved

More routes. Longer stays possible.

Vietnam’s official e-visa system offers validity of up to 90 days with single or multiple entry, subject to eligibility. Emirates introduced Da Nang service via Bangkok in June 2025. These changes support access, but the Emirates route is not a nonstop Dubai–Da Nang flight. [13] [11]

Da Nang / the investment setting

International demand.
A proven coastal corridor.

Da Nang can support a resort-led brand introduction while retaining access to a working city, its airport and the cultural draw of Hoi An.

17.8m

Accommodation guest arrivals · 2025

+18.3% year on year
7.7m

International accommodation arrivals · 2025

+25.8% year on year
52.8tn

VND · accommodation and food revenue · 2025

+22.6% year on year

Da Nang Tourism Promotion Center, January 2026 report. Guest arrivals served by accommodation are not unique people or occupied room nights. Revenue includes food services. [8]

Momentum / January–July 2026

12.11 million
accommodation arrivals

Up 24.8% year on year. The official report records approximately 6.01 million international and 6.10 million domestic arrivals. Overnight arrivals reached 11.02 million. [9]

1.79 days

Reported average length of stay across the destination. An ultra-luxury project needs a specific reason for guests to stay longer: wellness, multi-generational villas, gastronomy and a thoughtful cultural programme. [9]

2025 INTERNATIONAL SOURCE MIXSHARE OF ARRIVALS
South Korea30.0%
Europe15.4%
Chinese-speaking markets15.0%
Southeast Asia11.3%
India6.6%

Selected groups, not a complete distribution. “Chinese-speaking” combines mainland China, Taiwan, Hong Kong and Macao. Geographic groups are defined by the bulletin. [8]

Why older Da Nang figures cannot be used without adjustment

Da Nang and Quang Nam were combined into an enlarged municipality in 2025, with the new administration operating from July. This proposal uses the expanded Da Nang destination when discussing the Da Nang–Hoi An corridor. Pre-merger city statistics have a different geographic base. We do not construct a 2019–2026 Da Nang growth series from those incompatible totals. [10]

Early year-end publicity reported approximately 17.3 million 2025 arrivals. The later January tourism report gives 17.8 million; that later official report is used here. Its VND52.8tn accommodation/food revenue is not interchangeable with broader tourism-receipts estimates. The source’s reported growth rates are retained; we have not independently reconstructed its prior-year geographic base. [8]

01

A gateway with depth

The February 2026 tourism bulletin lists 18 regular international routes. The airport, the city and the coast can support a first flagship without relying solely on remote-destination travel. Route frequency and seat capacity must be refreshed during feasibility. [12]

02

A reason to leave the resort

The Da Nang–Hoi An corridor offers beaches, cultural visits and a wider dining environment. A curated itinerary can turn a short city visit into a longer resort stay. [53]

03

A seasonal operating plan

Rain and storm exposure require an indoor proposition, resilient engineering and a monthly demand model. Wellness, dining and private gatherings should contribute when beach use is less attractive. [53]

Vietnam / branded real estate

The branded model
has already arrived.

The question is where Tonino Lamborghini can create a distinctive, economically defensible product within an increasingly competitive field.

$8bn

Vietnam branded residences
primary-market inventory value

[17]

C9 Hotelworks’ April 2026 study places Vietnam among Asia’s leading branded residential markets.

15,763Units in the study’s active pipeline and future supply
93%Condominiums; 7% hybrid or landed units
81%Resort-location share in the study

The US$8bn is aggregate advertised sales value of inventory available in the primary market. It is not annual transaction volume, completed sales, operating income or an independently appraised valuation. The unit count is calculated as 14,615 + 1,148. [17]

A

The buyer must be understood

The study describes a predominantly domestic buyer base, with investment motives prominent in resort purchases. Product and payment terms should be tested with qualified Vietnamese buyers before a large residential programme is approved. [17]

B

Brand is only part of the product

Private arrival, owner services, durable materials, operating standards and transparent common charges give the brand tangible value. A logo cannot compensate for weak location or unclear title.

C

Absorption is the binding test

Measure signed contracts, collected deposits, cancellations and net achieved prices. Broker quotations and promotional yield promises are insufficient evidence for a sales-led financing plan.

Hotel market / scale and limits

Healthy demand.
More competition ahead.

78%

Da Nang hotel occupancy
reported for H1 2025

Up 16 percentage points year on year in Savills’ historical market reporting. This broader hotel measure cannot be carried directly into an ultra-luxury opening forecast. [15] [16]

The supply pipeline raises the bar.

The October 2025 WFW/Savills guide reports approximately 192,300 midscale-to-luxury keys nationally at Q3 2025, with 60% in coastal destinations. It identifies 46,800 pipeline keys over the following three years; Da Nang and Phu Quoc together account for about 30% of that pipeline. [14]

A new hotel will compete for more than guests. Experienced staff, distribution relationships, management talent and construction capacity will also matter.

These are broad segment and historical pipeline figures, not a count of operating ultra-luxury rooms. No reliable public, current Da Nang ultra-luxury-only ADR, occupancy or RevPAR series has been verified for this proposal.

The underwriting requirement

Commission a monthly, property-level study of occupied rooms, realised net ADR, suite/villa mix, channel costs and source markets. Build an opening ramp and a stabilised year separately. City occupancy and online advertised rates are context, not substitutes for that work.

Price evidence / hotels

The price of a night.
The value of a category.

Public observations establish a price landscape. They do not establish achieved ADR, occupancy or the rates a new Tonino Lamborghini hotel can command.

RESEARCH CUT-OFF · 10 SEP 2026

One night, two adults. Expedia displayed gross prices including taxes and fees. Categories, breakfast and cancellation terms were not consistently disclosed. Different dates prevent a like-for-like ranking.

HotelDestinationAdvertised nightStay dateDisplay reported
InterContinental Danang[39]Da Nang / Son TraUS$51013 Sep 20269 Sep 2026
Four Seasons The Nam Hai[40]Da Nang / Ha My–Hoi AnUS$8566 Oct 20268 Sep 2026
Banyan Tree Lang Co[45]Hue / regional coastS$507 Singapore dollars; not converted8 Oct 20269 Sep 2026
Six Senses Ninh Van Bay[41]Khanh Hoa / secluded bayUS$9271 Oct 20269 Sep 2026
Six Senses Con Dao[42]Con Dao / islandUS$9189 Sep 20268 Sep 2026
Capella Hanoi[43]Hanoi / urbanUS$53123 Sep 20269 Sep 2026
Park Hyatt Saigon[44]HCMC / urban luxuryUS$29727 Sep 20268 Sep 2026

These are dated website observations, not held inventory or independently reconfirmed booking quotes. Expedia describes the lowest price found in the preceding 24 hours for dates within the next 30 days. The Con Dao observation is historical at the research cut-off. S$ denotes Singapore dollars; all US$ rows are US dollars. No exchange-rate conversion is applied.

Four Seasons The Nam Hai

Published category ladder

CategoryBase / gross per night
Garden 1-bedroom villaUS$1,005 / US$1,139.67
Beachfront 1-bedroom villaUS$1,175 / US$1,332.45
Ocean 1-bedroom pool villaUS$1,930 / US$2,188.62
Garden 2-bedroom pool villaUS$2,045 / US$2,319.03
Ocean 2-bedroom pool villaUS$2,195 / US$2,489.13

MICHELIN booking display, accessed 10 Sep 2026. No stay date disclosed in the retrieved display; breakfast listed. Gross includes displayed taxes/fees. These undated category examples are not comparable with the dated Expedia observation. [46]

The investment implication

Room mix matters
as much as the headline rate.

A standard villa and a multi-bedroom pool residence serve different budgets, party sizes and occasions. Their rates cannot be averaged without knowing available units and occupied nights.

A workable model needs category-level pricing, seasonality and room-night mix. Large villas may produce higher nightly revenue while also requiring more land, construction cost, housekeeping and private service.

Rates for Regent Phu Quoc, TIA, Hoiana and other relevant properties were not captured on a sufficiently consistent basis. They remain in the competitive set with price verification outstanding.

See the rate-shopping brief

Residences / published asking prices

Project / productPublished asking priceBasis and limitations
Mandarin Oriental / villaVND98bnIndividual listing dated 24 May 2026; 920 m² land. Separate broker marketing indicates a VND100bn starting level. Neither establishes a completed transaction. [48] [49]
Nobu / studio, approximately 38 m²VND5.8–6.1bnRealtique broker schedule dated 12 Jul 2026; total price described as VAT-inclusive. [50]
Nobu / 1 bedroom, 57–65 m²VND9–10.5bnSame broker schedule. Exact unit, floor, view and payment terms require confirmation. [50]
Nobu / 2 bedrooms, approximately 108 m²VND20–20.5bnSame schedule. A separate listing around VND19.78bn supports the order of magnitude, not an achieved sale. [50] [51]
Nobu / 3-bedroom dual-key, approximately 156 m²VND28bnBroker indication; configuration and net saleable area to be verified. [50]
Nobu / sky villa, approximately 270 m²VND54bnBroker indication; fees, furnishing and payment discounts require unit-specific quotation. [50]
Four Seasons / The Nam Hai residencesQuote requiredOfficial primary offering sold out. No verified public resale price used. [20]
01

Keep the denominator honest

Villa land area, gross floor area and apartment net saleable area are different measures. This proposal avoids a mixed “price per square metre” league table.

02

Keep title out of marketing shorthand

“Branded residence” describes an offer, not a legal land-use category. Ownership term, permitted use, foreign-buyer eligibility and sale documentation must be checked for the actual unit.

03

Keep gross sales separate from profit

24 homes at an assumed US$2.5m each would generate US$60m of gross sales. That arithmetic excludes land, construction, taxes, selling costs and delivery liabilities; it is an illustration, not a price forecast.

The competitive response

A place in the market.
Not a borrowed premium.

A brand licence supports recognition. The advantage must come from the site, the product and the service owners actually receive.

What competitors establishOur response to test
InterContinental and Four Seasons: proven destination hospitality and villa living. [104] [19]Match the operating discipline; offer a distinct Italian dining, design and social identity.
Nobu: a vertical urban beachfront hotel-and-residence proposition. [58]Test buyer preference for a more intimate coastal estate, private arrivals and generous outdoor space.
Mandarin Oriental and Arbora: new branded villa and residence collections. [21] [66]Make owner services, annual costs and rental rights transparent. A smaller collection alone is insufficient differentiation.
LXR and Conrad: announced river and coastal hotel competition. [61]Evaluate a river alternative against the actual pipeline, local demand and the cost of a prime site.

These are independent product hypotheses. No achieved rate premium, sales advantage or superior return is established.

Beyond Da Nang / the national benchmark

Vietnam can deliver
at the highest level.

Amanoi shows the strength of a remote sanctuary. Da Nang offers a different entry strategy: high-end hospitality connected to a city and an established coastal market.

Amanoi / Vinh Hy

Private pavilions, pool villas and residences within the Nui Chua landscape. The product demonstrates how privacy, wellness and a rare setting can support a strong destination identity. Tonino Lamborghini should translate its own Italian character rather than imitate Aman’s aesthetic. [31]

What transfers: controlled density, generous personal space, an exceptional spa, discreet service and a strong reason to visit.

What does not transfer automatically: Aman’s customer network, rate acceptance, operating history or scarcity value.

Amanoi / undated published from-prices
AccommodationUS$ per night
Mountain Pavilion1,431.00
Ocean Pool Villa2,289.60
Amanoi Ocean Pool Villa2,804.76
2-bedroom Residence5,781.24
5-bedroom Bay Residence8,471.52

STAYFOLIO, accessed 10 Sep 2026. Stay dates and tax inclusion unconfirmed; availability and inclusions vary. These are product-level reference prices, not current binding quotes or achieved ADR. [47]

The entry decision

Why Da Nang first.

A strategic judgement based on product fit and execution options, subject to land availability and project-level economics.

MarketStrongest roleTrade-off for a first flagshipProposed sequence
Da Nang–Hoi An coastCoastal hotel plus residences; city access and operating luxury peersPrime waterfront scarcity; seasonal demand; title and pipeline competition01 / Preferred first market
Ho Chi Minh CityUrban residences, hotel and private social clubStronger urban-use proposition; complex prime-site assembly and a different cost structure02 / Urban extension
Phu QuocDestination resort and pool-villa residencesIsland operating logistics, competing resort supply and dependence on travel patterns03 / Selective leisure expansion
HanoiSmall urban hotel or residences with cultural identityLimited beach-resort relevance; prime-site and heritage context constrain formatSelective urban opportunity
Cam Ranh / Vinh HyRetreat, wellness and secluded villasDistance from urban life; destination marketing and site ecology carry more weightLater specialist retreat
Con DaoLow-density nature-led sanctuaryAccess, logistics and conservation constraints require a highly specific site thesisOpportunistic only
Ho Tram / southern coastDrive-to leisure and second-home conceptDomestic catchment and weekend concentration require separate testingWatchlist / site-led

The recommendation can change.

Da Nang is the preferred entry point for this brief, not the unconditional highest-return market. If the available coastline requires an uneconomic land basis, weak tenure or excessive density, an urban HCMC project or a different Da Nang format may be the better first investment.

THE TONINO LAMBORGHINI VISION

Distinctly Italian.
Entirely of this coast.

Two coastal directions, in preference order: a hotel with branded residences, then a private villa estate. Nobu and Mandarin Oriental are the live benchmarks that test each one.

01/03 COASTAL DIRECTIONS

AI-generated architectural concept: Coastal hotel & residences; not an approved design
AI-GENERATED ARCHITECTURAL STUDY

DIRECTION 01 / PREFERRED

Coastal hotel & residences

Low-rise pavilions, generous terraces and an Italian social heart, with a private residential collection beside the sea.

Benchmark: Nobu Da Nang proves branded beachfront homes sell. This tests the same demand at low rise.

  • 60–100 hotel keys
  • 20–40 branded homes
  • 6–10 ha search area
AI-generated architectural concept: Coastal private villas; not an approved design
AI-GENERATED ARCHITECTURAL STUDY

DIRECTION 02 / ALTERNATIVE

Coastal private villas

A quieter landscape of private pool villas, shaded courtyards and a residents’ club. The setting determines the density.

Benchmark: Mandarin Oriental Da Nang proves the all-villa direction. This tests it at a smaller, Italian scale.

  • 24–40 hospitality keys
  • Site-led residence allocation
  • 4–8 ha search area
AI-generated architectural concept: The river house; not an approved design
AI-GENERATED ARCHITECTURAL STUDY

URBAN FALLBACK / ONLY IF THE COAST CANNOT DELIVER

The river house

A sculpted riverfront address for city living, destination dining and hospitality, with a distinct urban demand profile.

Benchmark: LXR Da Nang Riverside is already announced. Riverfront competition carries no proven residence comparator.

  • 100–140 hotel keys
  • 60–100 branded homes
  • 1–2 ha search area

Concept studies, subject to land, feasibility and brand approval. The benchmarks are competitors\u2019 published programmes, not achieved sales or rates. Programmes are alternatives; hospitality keys and sold homes must not be double-counted.

Explore the 3D studies
SPATIAL STUDIES

Two coastal directions.
One urban alternative.

Coastal hotel and residences first, coastal private villas second, a river address only if the coast cannot deliver. These studies do not represent a secured parcel or an approved brand design.

Two live benchmarks / two directions

Nobu sells height.
Mandarin Oriental sells villas.

Both are new Da Nang projects with the same buyer and two opposite products. They are the clearest available test of which direction a Tonino Lamborghini address should take.

Direction 01 / coastal hotel & residences

Benchmarked against Nobu

Nobu Hotel & Residences Danang is a high-rise beachfront scheme with 264 marketed apartments, under construction. It proves that branded beachfront homes sell at density and at an apartment price point.

Our study tests the same demand at low rise: 60–100 keys and 20–40 homes, where privacy and outdoor space replace floor count.

Nobu project report
Direction 02 / coastal private villas

Benchmarked against Mandarin Oriental

Mandarin Oriental Da Nang is an all-villa programme: 60 hotel villas and 22 residences. It proves that the ultra-luxury villa direction is considered viable on this coast by a first-tier operator.

Our study tests whether a smaller Italian estate can hold the same price with fewer keys carrying the service cost.

Mandarin Oriental report

Competitor programmes are taken from the dated evidence in each project report. Neither benchmark establishes an achieved sale, an achieved rate or a return.

Detailed interactive architectural study of the selected programme. Scale and geometry are illustrative, not a surveyed or engineered design. The concept renderings express the intended atmosphere and do not represent identical geometry. Brand and architect approvals remain outstanding.

Da Nang / where to build

Choose the waterfront.
Then protect the experience.

Search zones, not land offers. Each location must pass commercial, planning, environmental and title diligence before a preferred parcel is selected.

Start with the land

Non Nuoc–Ha My.
The preferred search.

A coastal address connects the proposed flagship to the established luxury market. Look for a parcel where direct frontage, privacy, lawful access and a feasible density work together.

01Protect the guest experience
02Prove the residential rights
03Make the cost basis work
Return to the competitive map

Preferred search brief

Begin with Non Nuoc and the Ha My corridor for an oceanfront hotel-and-residences scheme. Assess Co Co waterfront as a lower-density alternative only where water quality, access, flood resilience and the legal use of the waterfront are satisfactory.

Use Han River for an explicitly urban concept. Treat Son Tra as a highly constrained search: its landscape appeal does not establish developable land or environmental permission.

Parcel rejection criteria

  • Unresolved land-use rights, encumbrances or transfer conditions.
  • Insufficient remaining tenure for the proposed holding period.
  • No lawful residential sale route where sales are essential to viability.
  • Unacceptable flood, erosion, storm, ecology or infrastructure exposure.
  • A density requirement that undermines privacy or the brand experience.
  • No credible path to approvals, access, utilities or an appropriate operator.
What the brand should mean here

An address with
an Italian point of view.

Tonino Lamborghini is a lifestyle and design proposition. Its hospitality expression should feel specific in the architecture, the service and the way guests spend their time.

DESIGN

A confident material language

Travertine tones, bronze, dark stone, tailored detailing and sculpted forms. Tropical shading and durable coastal materials make the design work in Vietnam. Red is a considered accent; the landscape remains prominent.

LIFE

An Italian social heart

A restaurant worth visiting, a relaxed pool club, excellent coffee and aperitivo, private dining and a residents’ lounge. Local guests can make the address part of the city’s life while privacy remains protected.

SERVICE

Ultra-luxury in daily practice

Private arrivals, thoughtful family hosting, reliable villa service, intuitive housekeeping and a strong concierge. Recruit the operating team early enough to shape back-of-house and service circulation.

WELLNESS

A reason to extend the stay

Recovery, movement, sleep and restorative treatments, with meaningful indoor space for wet-weather days. A programme must be supported by qualified practitioners and appropriate operating standards.

Brand licence and hotel operation are separate decisions.

Tonino Lamborghini announced an Archipelago partnership in January 2026, including an exclusive operating relationship in the Dominican Republic and further international plans. Vietnam was not named in that announcement. This does not establish Vietnam rights availability; existing grants, operator restrictions and category overlaps require direct confirmation. [52]

Choose the model before the land

One brand.
Different capital outcomes.

Our preferred first test is a retained hotel with a limited residence collection. Run a resort acquisition search in parallel. A landowner JV is a financing and control structure that can support either model.

Compare the models → Scroll horizontally on smaller screens.

Model / proposed fitWhat we own and operateSources of valueCapital & timingMust be establishedPrincipal failure mode
Hotel + branded residencesPreferred flagshipRetain the hotel; sell a limited number of homes where permitted.Residence sale proceeds + hotel cash flow + long-term asset value.High initial capital; sales may return part of it around construction and handover.Separate hotel and owner arrivals, title, common areas, service charges and rental rights.Sales proceeds arrive late; permanent service promises survive the sell-out.
All-suite / villa resortPure hospitality alternativeOwn the resort and appoint a capable operator under a brand-compatible structure.Rooms, dining, spa and experiences; eventual asset sale.Capital stays invested through construction and operating ramp.A lawful hospitality use, durable tenure and a credible operator agreement.Low density and service intensity can overwhelm room revenue.
Villa estate + private clubSelective coastal / river optionSell or retain villas; contract the club and owner services separately.Home sales, club fees and optional rental income.Land and infrastructure costs are shared across fewer units.Sale eligibility, mandatory contributions, owner-use limits and rental-pool rules.Uneven owner participation can weaken hotel inventory and service economics.
Branded residences without a hotelPotential later-city modelDevelop homes under a brand licence and appoint residential management.Development proceeds; recurring service fees fund the owner proposition.Sales-led capital recovery; no retained hotel to establish service quality.Brand-approved service specification and funded reserve obligations.A logo alone does not justify a premium; no hotel operating proof.
Acquire, refurbish & rebrandParallel site-search routeAcquire an existing resort or its project company, then renovate.Operating cash after repositioning; value from product and management improvements.Acquisition price + refurbishment + disruption and working capital.Title and company diligence, remaining tenure, legacy liabilities, change-of-control consents.Hidden defects, old owner obligations and renovation downtime.
Landowner joint ventureCapital structure overlayPartner with a qualifying land/project-rights holder; agree valued contributions.Underlying hotel/residence returns distributed under the JV waterfall.Land contribution can reduce cash at entry, in exchange for equity and control.Lawful contribution/transfer rights, independent valuation and enforceable governance.Land is not free capital; valuation and deadlocks can destroy the advantage.
Ground lease / operating leaseSelective alternativeLease an eligible site or existing asset on bankable terms.Hotel operating cash; residual improvements only if contractually recoverable.Potentially lower entry outlay, with rent throughout the term.Permitted lease structure, consent, duration, renewal and lender protection.Rent escalation and a short remaining term compress cash and terminal value.

Independent strategic assessment, not promised returns or legal eligibility. Vietnamese investment and hotel ownership structures require project-specific review. The WFW / Savills investment guide provides the underlying legal and transaction context. [14]

THE COMPLETE RESEARCH LIBRARY

Project-level detail.
Traceable evidence.

One report per project: ownership, investment scope, land history, timing and commercial disclosures. Unknown figures remain explicit rather than estimated.

Go directly to the source index
COMPETITIVE INTELLIGENCE / 11 SEP 2026

The project reports.

17 selected projects across the Da Nang corridor and a separate Lang Co comparator. Each of these reports also opens beside the map at the top of the page; this is the same evidence as one sequential record, in the map's order, for reading through or citing.

Reported investment scope and historical figures are preserved. Where land rights, current beneficial ownership, signed sales, margins or investor returns cannot be verified, the report says so.

Return to the interactive map
Under construction

My Khe · urban beachfront

Nobu Hotel & Residences Danang

Core luxury / brand-entry benchmark
186hotel rooms¹
264apartments
43planned storeys

Dining-led lifestyle hotel and vertical branded residences. The closest incoming comparison for an internationally recognised lifestyle brand.

Developer / sponsor / owner
VCRE develops the project; the original partnership also names Phoenix Holdings. The current official project website identifies Circle Point Real Estate Joint Stock Company as project owner. Nobu is the hospitality brand. [57] [59] [98]
Operator / delivery
Nobu Hotels; Newtecons appointed main contractor in February 2025. [24] [57]
Programme
¹Current CBRE marketing lists 186 hotel rooms and 264 apartments. The August 2022 announcement listed 200 rooms including 18 suites and 271 residential units. Programme reconciliation is still required. [58] [59]
Progress / timing
Developer reports Level 17 reached in August 2026, published 8 September. City planning windows extend basic works to Q4 2027 and acceptance/operation to Q4 2028; these do not establish a confirmed hotel opening. [97] [96]
Investment / scope
VND 1.484tn — Total investment in the city’s June 2026 planning appendix, for the entire mixed-use project. Not audited expenditure or secured funding. [96]
Price evidence
Broker indications, 12 July 2026: studio 38 m² VND5.8–6.1bn; 1BR 57–65 m² VND9–10.5bn; 2BR 108 m² VND20–20.5bn; 3BR 156 m² VND28bn; sky villa 270 m² VND54bn. Advertised totals include VAT according to broker; other costs require confirmation. No operating hotel rate exists. [50]
Land area / scope
3,000 m² — Land area; CBRE project marketing [58]
Land origination / tenure
Original acquisition/allocation route, current land-use term and payment obligations not verified. Obtain the project company’s land and investment approvals.
Development chronology
2022 brand announcement → February 2025 main construction contract → Level 17 in August 2026. City plan: 36 months basic works, Q4 2024–Q4 2027; acceptance/operation window Q4 2027–Q4 2028. These are planned windows, not confirmed completion or opening. [57] [97] [96]
Commercial disclosure
Public asking-price observations are available; signed units, net proceeds, cancellations and achieved sales pace are not verified.
What it means for Tonino Lamborghini

A logo and an Italian restaurant will be insufficient differentiation. A lower-density waterfront estate, privacy and a clear owner-service proposition would create a more distinct alternative to Nobu’s city tower.

Map precision: Approximate Vo Nguyen Giap–Vo Van Kiet intersection; developer location, not the building footprint. [57]

Back to report index
Under construction

Non Nuoc · oceanfront

Mandarin Oriental Da Nang

Core luxury / brand-entry benchmark
60hotel villas
22residences
17.2 hareported wider site

An all-villa luxury resort with a limited branded-residence collection. The clearest incoming format benchmark for our preferred flagship.

Developer / investor
The Nam Khang Corporation; Mandarin Oriental is the proposed operator and residential brand. [63] [21]
Programme
2024 operator portfolio: 60 hotel villas + 22 residences. The original 2021 programme was 69 + 18. Coteccons’ 82-villa total agrees with the later combined programme, but its residential allocation differs. [21] [22] [63]
Progress / timing
Groundbreaking on 20 March 2024; site activity reported July 2025. Classified as under construction on that evidence; present pace and completion date require a fresh site confirmation. [63] [65]
Delivery team
Coteccons named contractor at groundbreaking; disclosed construction area 23,362 m². This is not the same measure as the wider land area. [63]
Investment / scope
VND 2.624tn — Reported wider development, including apartment towers; not the Mandarin villa hotel alone. [64]
Price evidence
VND98bn asking price for a villa listing with 920 m² land, 24 May 2026. A separate broker advertises from VND100bn. Listings do not establish achieved sales, lawful tenure or all-in costs. No operating hotel rate. [48] [49]
Land area / scope
172,000 m² — Reported wider Nam Khang development; 23,362 m² contractor construction area is a different measure. [64] [63]
Land origination / tenure
Developer account reported in December 2025: city allocated/leased 200,000 m² in June 2007, including 60,000 m² residential land; a 2011 certificate reportedly recorded long-term use for that residential portion. Additional land-payment obligations were disputed. Original decisions and current resolution not independently verified. Reconcile this original boundary with the later 172,000 m² project. [107]
Development chronology
2007 land origination → 2021 brand announcement → March 2024 villa groundbreaking → July 2025 site reporting. The 17 years to groundbreaking are elapsed development history, not continuous construction. [107] [22] [63] [65]
Commercial disclosure
One dated villa asking-price observation; no verified signed-sales total, developer margin or audited rental yield.
What it means for Tonino Lamborghini

Compete through a distinctive Italian social and design experience while matching privacy and service expectations. A smaller residence collection is only valuable if owners receive credible long-term management.

Map precision: Approximate Nam Khang coastal site south of the Marriott resort; source describes neighbouring boundaries. No surveyed parcel is shown. [64]

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Under construction

Dien Ban coast · Lac Long Quan

Arbora, a Luxury Collection Resort & Spa, and Residences

Core luxury / brand-entry benchmark
220 + 12rooms + hotel villas
63 + 74residential + sky villas
2027developer target

A resort and branded residential collection combining ground-level pool villas with sky villas. A direct competitor for buyers seeking managed coastal homes.

Developer / licence holder
IFF Holdings leads development. The announcement identifies MBLand Tonkin JSC as the trademark licensee; Marriott does not own, develop or sell the residences. [66]
Operator / designers
The Luxury Collection / Marriott International. Announced designers: MAPS Design, HBA and Coopers Hill. [66]
Programme
220 hotel rooms, 12 hotel villas, 63 residential villas and 74 residential sky villas. These are separate hospitality and residential categories, not one room count. [66]
Progress / timing
Searefico’s 2025 annual report includes the MEP project. Marriott lists coming soon; IFF’s current project page lists 2027. Treat 2027 as the developer’s target, not a guaranteed hotel or residential handover date. [69] [68] [67]
Land / capital
Broker markets approximately 8 ha. Parcel area needs legal confirmation. No verified property-level development cost, current equity split or debt terms in the reviewed public sources. [70]
Price evidence
No current developer-issued price schedule or independently confirmed transaction prices verified. Planned hotel tariffs would not be operating evidence.
Land area / scope
≈80,000 m² — Broker-reported overall site; legal boundary not independently reconciled. [70]
Land origination / tenure
IFF publishes a legal-profile link. Obtain and reconcile the land certificate, project transfer history, permitted residential use and payment status; do not infer rights from the brand licence. [67]
Development chronology
June 2024 Marriott agreement → contractor 2025 annual-report construction evidence → developer 2027 target. No verified initial land-control date or fixed total construction duration. [66] [69] [67]
Commercial disclosure
Current signed-sales count, realised prices, rental terms and net yield not verified.
What it means for Tonino Lamborghini

Arbora already offers both villas and sky villas. Tonino Lamborghini needs an explicit buyer profile, an owner club and a service contract that can be compared with Marriott’s established ecosystem.

Map precision: Approximate Lac Long Quan / northern Dien Ban coastal area. Project-level parcel coordinates remain unverified. [70] [67]

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Announced

Hoiana estate · south of Hoi An

Rosewood Hoi An

Core luxury / brand-entry benchmark
70announced rooms
30resort residences
Unconfirmedopening date

Announced ultra-luxury resort and residences focused on wellbeing and Vietnamese culture. Relevant as a future product benchmark, with substantial delivery uncertainty.

Developer / operator
Original announcement: Hoi An South Development Ltd as owner/developer; Rosewood Hotels & Resorts as operator. [72]
Programme
Retained Rosewood future-opening page describes 70 guestrooms and 30 residences, plus 66 residences at an adjacent golf club. The adjacent 66 are not added to the core resort inventory. [71]
Status / timing
Announcement dates to March 2017. The original 2019 opening target is obsolete. A retained operator page still describes a future opening, but current active construction and final programme have not been verified. [72] [71]
Capital context
US$4bn in the original announcement referred to the Hoiana masterplan, not this hotel. January 2025 reporting put VMS’ controlling interest in Hoi An South Development at 75%; current shareholding requires confirmation. [72] [79]
Price evidence
No verified operating room rate, current residential price schedule or hotel-specific capex. Exclude this scheme from near-term delivered supply assumptions.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Masterplan ownership does not establish the hotel parcel, hotel-company title or residence sale rights. Hotel-specific land file not verified.
Development chronology
March 2017 announcement → original 2019 target elapsed. Retained future-opening page; active works and a replacement completion date unconfirmed. [72] [71]
Commercial disclosure
No verified current sales release, achieved sales or operating results.
What it means for Tonino Lamborghini

Track it as a potential top-tier competitor. Its age and uncertain timing show why signed announcements should carry less weight than funded construction and verified delivery milestones.

Map precision: Hoiana estate reference only. The exact Rosewood parcel is unconfirmed; the dashed circle is not a property boundary. [72] [80]

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Announced

Dao Xanh · Han River

LXR Hotels & Resorts Da Nang Riverside

Core luxury / brand-entry benchmark
80announced hotel rooms
2028operator opening estimate
Sun Groupdevelopment partner

An intimate luxury retreat on a river island within the city, supported by Hilton’s distribution and Sun Group’s local development platform.

Developer / investor
Sun Group is Hilton’s named project partner. Property-level legal owner, equity allocation and construction finance are not disclosed in the announcement. [60]
Operator / product
Hilton’s LXR Hotels & Resorts: an 80-room retreat on Dao Xanh, with bespoke service and locally focused experiences. [60]
Stage / timing
Signed project announced October 2025. Hilton estimated opening in 2028 and continued to list Da Nang as a future LXR property in August 2026. Active construction has not been independently confirmed. [61] [62]
Residences / prices
No for-sale branded-residence programme or current price schedule has been verified. This is a hotel competitor; hotel-brand entry should not be represented as a residential launch.
Investment
No verified property-level development cost, current equity split or debt terms in the reviewed public sources.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Sun Group sponsor is confirmed; plot-specific land allocation/acquisition route and tenure are not verified.
Development chronology
October 2025 signing → operator-estimated 2028 opening. A target window is not evidence of three years of construction. [60] [61]
Commercial disclosure
No residence programme announced. Hotel break-even and yield unavailable before operation.
What it means for Tonino Lamborghini

A Han River address is already attracting luxury investment. Our river concept would need a distinct residence proposition and city-facing Italian dining and club experience; river views alone are insufficient.

Map precision: Approximate Dao Xanh island reference from Hilton’s announcement. The exact hotel parcel is not verified. [60]

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Announced

Hoi An coast · exact site unconfirmed

Conrad Hoi An

Core luxury / brand-entry benchmark
120announced hotel rooms
2030operator opening estimate
4planned dining venues

An announced luxury beachfront hotel with a relatively intimate room count, dining, spa and event space. Relevant to the future resort competitive set; no residences are confirmed.

Developer / investor
Not identified in the reviewed Hilton release. Do not assume Sun Group is the developer: Hilton’s separate Sun Group agreement names LXR Da Nang and Conrad Phu Quoc, not this Hoi An project. [61] [60]
Operator / programme
Conrad Hotels & Resorts / Hilton. Announced 120-room beachfront hotel, four dining venues and more than 600 m² of event space, with spa, fitness and pools. [61]
Stage / timing
Signed project announced October 2025; operator estimated opening in 2030. Exact parcel, current construction status and final delivery schedule remain unverified. [61]
Residences / prices
No verified branded residences, sales prices or operating hotel rates. Do not mix this property with the separate Conrad Phu Quoc development.
Investment
No owner-confirmed project cost or funding structure verified. Third-party project database estimates are excluded from the investment case.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Owner and exact parcel are unverified; do not attribute Sun Group’s separate Conrad Phu Quoc partnership to Conrad Hoi An.
Development chronology
October 2025 announcement → operator-estimated 2030 opening. Construction start and duration unconfirmed. [61]
Commercial disclosure
No verified residential programme or operating results.
What it means for Tonino Lamborghini

Plan for another international luxury flag along the Hoi An coast. Track final room categories and site quality before assuming the proposed flagship’s size or ocean setting is scarce.

Map precision: Hoi An coastal destination reference only. Hilton’s public release does not establish the exact address; the broad dashed area is not a project site. [61]

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Operating

Non Nuoc–Dien Ban coast

Fusion Resort & Villas Danang

Wider luxury market context
2024July launch
85private villas
157hotel keys

A recently opened wellness resort with villas and a substantial hotel component. Relevant to family stays, villa ownership and institutional hospitality capital.

Developer / capital platform
Lodgis / VinaLiving development relationship. Warburg Pincus identifies Lodgis’ founding partners as Warburg Pincus, VinaCapital and Don Lam. This describes the platform, not a verified property equity split. [74] [75]
Operator / scale
Fusion Hotel Group. July 2024 launch describes 85 one- to five-bedroom villas, 157 hotel keys and more than 15 ha. [73]
Published package
From VND8,930,000 net per person per night: golf-view suite, breakfast, one weekday golf round, transfers and a spa treatment. Valid through 31 October 2026, excluding holidays and Friday–Sunday; advance booking and availability conditions apply. This is a bundled per-person offer, not room-only ADR. [76]
Capital / residential prices
No verified property-level development cost, current equity split or debt terms in the reviewed public sources. No verified developer residence price schedule is used.
Land area / scope
>150,000 m² — More than 15 hectares, operator launch statement [73]
Land origination / tenure
Platform sponsors are known; land origination, remaining term, and individual-villa ownership/rental arrangements need project documents.
Development chronology
July 2024 resort launch. Original land-control and main construction dates were not verified. [73]
Commercial disclosure
Published stay packages are not hotel ADR or evidence of villa sales. Property EBITDA and owner yields not disclosed in reviewed sources.
What it means for Tonino Lamborghini

Wellness and private pools already exist in the corridor. Our premium must come from a coherent Italian hospitality experience, generous space and consistent execution, with the cost of each promise understood.

Map precision: Official property geographic metadata; approximate property point. [77]

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Operating

Hoiana estate · south of Hoi An

New World Hoiana Beach Resort

Wider luxury market context
2023opened 26 April
330rooms & suites
Hoianashared resort estate

A newer, large-format beach resort with social, family and entertainment demand. New World’s upper-upscale positioning differs from Rosewood’s ultra-luxury proposition.

Developer / investor
Hoi An South Development Ltd, within Hoiana. VMS was reported to have acquired a 75% controlling stake in January 2025; this is estate-level reporting, not a separate hotel equity disclosure. [79]
Operator / programme
New World Hotels & Resorts, part of Rosewood Hotel Group. Operator opening release confirms 330 rooms and suites on 26 April 2023. Shared parentage does not make this a Rosewood-branded hotel. [78]
Estate context
The same opening release lists Hoiana Hotel & Suites, New World Hoiana Hotel and Hoiana Residences as separate estate products. Their keys and apartments must not be added to this hotel’s 330. [78]
Capital / prices
No verified property-only capex or comparable dated public rate in this research. Hoiana masterplan investment should not be allocated to this hotel without a cost breakdown.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Hoi An South Development estate; hotel-specific boundary and underlying land rights not verified.
Development chronology
Opened 26 April 2023. Hotel-specific construction duration not verified. [78]
Commercial disclosure
Hoiana publishes group-level historical results through an investor filing; individual hotel margins cannot be isolated.
What it means for Tonino Lamborghini

A Tonino Lamborghini flagship should be intentionally more intimate. Competing on room count or a broad activities list would blur the ultra-luxury proposition.

Map precision: Official Hoiana property metadata. Shared estate facilities do not imply exclusive frontage. [80]

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Operating

Hoiana estate · south of Hoi An

Hoiana Hotel & Suites / residential estate

Wider luxury market context
141hotel suites
270estate apartments¹
476other hotel rooms¹

Suite-led luxury within a golf and entertainment estate. The adjacent residences and larger hotel illustrate different ways of accommodating longer stays and broader demand.

Owner / capital
Hoi An South Development Ltd. Reported estate shareholder VMS held a 75% controlling interest following the January 2025 restructuring. Not independently audited here. [79]
Inventory boundaries
141 suites at Hoiana Hotel & Suites. ¹Separately, the 2023 operator release lists 270 Hoiana Residences apartments and 476 rooms at New World Hoiana Hotel. These are estate components, not additional suites at this property. [30] [78]
Operator / branding
Hoiana markets Hotel & Suites and the residences; New World brands the separate larger hotel. Confirm each management agreement before using estate ownership as evidence of operating structure. [30] [78]
Capital / prices
Property-specific investment and a comparable dated price have not been verified. Apartment accommodation does not by itself establish homes available for sale.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Estate-level investment and ownership history are available; hotel parcel, remaining term and land payments require the project file.
Development chronology
Estate casino began operations June 2020; do not treat that as the completion date of every hotel phase. [108]
Commercial disclosure
1H 2024 estate net revenue US$51.696m; adjusted EBITDA −US$5.583m. Gaming is included; these are not this hotel’s results. [108]
What it means for Tonino Lamborghini

Keep the proposed residence ownership model explicit: saleable branded homes, serviced apartments and hotel suites are different products with different economics.

Map precision: Hoiana estate reference, using the mapped estate hotel cluster. Suite hotel and residences are not separate surveyed pins. [94] [30]

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Operating

Son Tra Peninsula · Bai Bac

InterContinental Danang Sun Peninsula Resort

Core luxury / brand-entry benchmark
2012opened in June
70 m²classic category starts
189current operator inventory

An established destination resort built around dramatic architecture, seclusion and a high-end villa collection. A primary service and room-product benchmark.

Developer / investor
Sun Group / Sun Hospitality Group; IHG manages the InterContinental brand. [83]
Inventory / architecture
Current operator overview: 189 rooms across 39 hectares. IHG’s 2012 opening inventory was 201; the current figure supersedes it. Bill Bensley design; classic rooms start from 70 m². [104] [84] [18]
Dated hotel price
US$510 displayed for one night, two adults, 13 September 2026; reported 9 September, taxes and fees included. Category and cancellation terms were not consistently disclosed. Not achieved ADR or a rebooked quote. [39]
Capital / residential sales
No verified property-level development cost, current equity split or debt terms in the reviewed public sources. Resort villas should not be assumed to be currently offered for individual ownership.
Land area / scope
390,000 m² — 39 hectares; operator. 700 metres of beach. [104]
Land origination / tenure
Official site identifies Bai Bac Resort as owner; Sun Group is the sponsor. Original land allocation/lease decision, current term and payment basis not verified. [104] [83]
Development chronology
Opened June 2012. Original land-control and construction-start dates not independently verified. [104]
Commercial disclosure
No verified property-level EBITDA, capex basis, investor yield or capital payback. Current room count is 189; 201 is the historical opening count.
What it means for Tonino Lamborghini

The setting itself can justify a destination journey. Our land search must protect arrival, privacy and views; a spectacular render cannot substitute for those physical attributes.

Map precision: OpenStreetMap property-area centre, way 360113559. [94]

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Operating

Ha My · Hoi An coast

Four Seasons Resort The Nam Hai

Core luxury / brand-entry benchmark
100resort villas
2016Four Seasons transition
Sold outprimary residences

A mature villa resort with established private residences, family stays and wellness. The strongest operating precedent for an enduring coastal hotel-and-homes address.

Investor / operator
Four Seasons’ August 2016 announcement identifies a joint venture between Hotel Properties Limited and ASB Development Limited as owner. Four Seasons management began on 20 December 2016. Current equity proportions are not verified. [85]
Product / residences
100 villas in the resort’s official description. The official private-residences offering is sold out. Resort inventory and privately owned rental villas should not be added as separate supply without reconciliation. [19] [20]
Dated hotel price
US$856 displayed for one night, two adults, 6 October 2026; reported 8 September, including taxes and fees. Other booking terms were not consistently disclosed. [40]
Capital / resale
No verified current property valuation or development cost. Primary sell-out is not evidence of today’s resale liquidity or an achieved residence price.
Land area / scope
350,000 m² — 35 hectares; nearly 80% gardens and green space, operator. [105]
Land origination / tenure
HPL’s 2015 annual report describes acquiring The Nam Hai; 2016 brand announcement identifies HPL/ASB ownership. This is asset investment history, not proof of original land allocation or current tenure. [106] [85]
Development chronology
HPL acquisition described in its 2015 annual report, published in 2016 → Four Seasons management began 20 December 2016. Rebrand interval is not greenfield construction duration. [106] [85]
Commercial disclosure
Official primary residences offering sold out; achieved sales values, net development margin, owner rental distributions and current resale velocity not verified. [20]
What it means for Tonino Lamborghini

The ownership experience must remain attractive well after launch. Landscaping, family use, maintenance standards and resale support deserve as much attention as the opening campaign.

Map precision: Approximate Ha My resort area from the official destination address; not surveyed property boundaries. [19]

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Operating

Dien Ban · Lac Long Quan coast

Shilla Monogram Danang

Wider luxury market context
2020opened 26 June
309total rooms
30 minoperator airport estimate

Korean-influenced coastal lifestyle hospitality with rooms, residences and a villa component. A useful source-market and service comparator.

Investor / operator
TC Group identifies itself as investor. The Shilla Hotels & Resorts operates the property; operator affiliation should not be treated as proof of project equity. [82]
Scale / opening
Official facts give 309 rooms and opening on 26 June 2020. The residence and villa components are not added again to the reported total. [81]
Access / experience
The operator estimates about 30 minutes from Da Nang airport by taxi and markets Korean aesthetics, coastal leisure and family facilities. Travel time is indicative, not a fixed route measurement. [81]
Capital / prices
No verified property-level development cost, current equity split or debt terms in the reviewed public sources. No comparable dated tariff is included.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Original land origination and current tenure not verified.
Development chronology
Opened 26 June 2020; full development and construction duration not verified. [81]
Commercial disclosure
Property revenue, margins, investor yield and payback not verified.
What it means for Tonino Lamborghini

Design the guest experience for Da Nang’s actual source markets while retaining a recognisable Italian identity. Distribution and multilingual service are part of the product.

Map precision: OpenStreetMap property-area centre, way 1127655296. [94]

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Operating

Da Nang · coastal resort corridor

TIA Wellness Resort

Wider luxury market context
87private-pool villas
4 / 7retreat nights
US$2,753++four-night from-price

An intimate private-pool-villa resort centred on daily wellbeing. A specialist benchmark for packaged experiences and longer retreat stays.

Owner / operator
Marketed and operated under TIA Wellness Resort. Legal property owner, current shareholders and financing have not been verified in reviewed sources. [27]
Programme / prices
Official Creative Healing Retreats page describes 87 villas. Four-night retreat from US$2,753++; seven-night retreat from US$4,353++, single occupancy. These are complete retreat packages, not nightly room-only rates. Tax/service charges are extra; confirm the full quote and availability. [86]
Commercial relevance
Wellness is built into the stay proposition rather than treated only as a spa amenity. The revenue mix and treatment staffing differ from a conventional hotel. [27]
Capital
No verified property-level development cost, current equity split or debt terms in the reviewed public sources.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Current beneficial owner, original land route and tenure not verified.
Development chronology
Operating; current TIA brand and earlier asset history need separate timeline reconciliation. [27]
Commercial disclosure
Retreat package asking prices are public; actual ADR, property EBITDA and investor yield not verified.
What it means for Tonino Lamborghini

Offer a focused, credible wellbeing programme with measurable service delivery. “Wellness” alone will not differentiate a new resort here.

Map precision: OpenStreetMap property-area centre, way 164333079. [94]

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Operating

Non Nuoc · oceanfront

Danang Marriott Resort & Spa, Non Nuoc Beach Villas

Wider luxury market context
122physical villas
2–4bedrooms
328–425 m²published villa sizes

An established large-villa family resort within Marriott’s distribution system. Relevant to multi-bedroom space and brand conversion, rather than a direct ultra-luxury equivalence.

Developer / portfolio
Vinpearl-origin property, converted to Marriott branding in 2023. Vinpearl’s 2025 report includes it in the portfolio; unit-level ownership rights need separate verification. [88] [87]
Operator / configuration
Marriott. Official accommodation describes 122 villas, two to four bedrooms, with published sizes of 328–425 m². [29]
Counting caution
Vinpearl’s 2025 report uses 346 room equivalents for this property. That accounting measure is not 346 physical villas and should not replace the 122-villa count. [87]
Capital / prices
No verified property-level development cost, current equity split or debt terms in the reviewed public sources. No current villa sale offer or comparable dated hotel tariff is verified.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Vinpearl portfolio origin and brand conversion documented; current project-company rights and remaining tenure not verified. [87] [88]
Development chronology
Marriott conversion announced in 2023; not a new greenfield opening. [88]
Commercial disclosure
122 physical villas; portfolio room-equivalent accounting is a different unit. Property margins and individual villa sale rights not verified.
What it means for Tonino Lamborghini

Large villas are already established supply. A Tonino Lamborghini residence needs a distinct ownership proposition and service standard beyond floor area.

Map precision: OpenStreetMap property-area centre, way 513706286; distinct from the nearby Marriott hotel. [94]

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Operating

Non Nuoc · oceanfront

Hyatt Regency Danang Resort & Spa / Residences

Wider luxury market context
199current rooms / suites
145marketed residences
23marketed pool villas

An established mixed-use beach resort combining hotel rooms, residences and villas. A useful precedent for operating multiple ownership and accommodation types.

Developer / investment history
Indochina Land developed the project; a sale to Gaw Capital was reported in 2015. This is investment history, not verification of the current ownership register. [89]
Operator / programme
Current Hyatt site lists 199 rooms and suites, 145 residences and 23 pool villas. The 2011 opening announcement gave 200 / 182 / 27; do not interpret the difference as units demolished or unsold without an ownership and rental-pool reconciliation. [101] [28]
Position in the set
Broader luxury and family mixed-use comparator. Brand scale and product mix differ from an intimate ultra-luxury flagship. [28]
Investment / scope
US$116.25m — Historical investment recorded by the city for the mixed-use project. Coteccons separately reports a VND1.15tn construction contract; not the same cost measure. [102] [103]
Land area / scope
≈200,000 m² — 20 hectares in contractor materials; current operator says 49 acres (approximately 198,300 m²). [101] [103]
Land origination / tenure
Indochina Land development; 2015 sale to Gaw Capital reported. Original land route and current ownership register not verified. [89]
Development chronology
Coteccons reports works April 2009–November 2011, approximately 31 months, for its contract. October 2011 operator launch; 2015 reported asset acquisition. Contract duration differs from full development duration. [103] [28] [89]
Commercial disclosure
No verified current transaction series, rental-owner yield or property EBITDA.
What it means for Tonino Lamborghini

Set owner use, rental participation, maintenance reserves and service charges before sales. Shared infrastructure must work for both guests and residents.

Map precision: OpenStreetMap property-area centre, way 164333086. [94]

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Operating

Non Nuoc · Truong Sa

Sheraton Grand Danang Beach Resort & Spa

Wider luxury market context
258rooms & suites
BRGinvestment platform
Marriotthospitality group

A large internationally branded beach resort with leisure and event demand. A benchmark for distribution and operating scale, rather than branded-home scarcity.

Developer / investor
BRG Hospitality identifies Sheraton Grand Danang within its operating international hotel portfolio. Ultimate property ownership and financing are not separately verified. [90]
Operator / inventory
Sheraton Grand / Marriott International. BRG’s brochure lists 258 rooms and suites at 35 Truong Sa. [90]
Residences
No separate for-sale branded-residence programme is verified for this resort in this research.
Investment / scope
VND 3.666tn — Reported end-2018 planned budget for the wider villa-and-hotel project. The hotel component was provisionally valued at approximately VND2.147tn. Historical reported scope, not audited final cost or current value. [95]
Land area / scope
173,000 m² — TTG’s resort-area report; Znews separately reports an 83,000 m² hotel area. Boundaries and scope are not reconciled. [99] [95]
Land origination / tenure
Znews reports the August 2017 transfer of Vietnam Property Limited’s 97.73% company stake to Dai An Tourism Service Investment. This corporate acquisition history does not establish original land allocation or current tenure. [95]
Development chronology
Hotel opened January 2018 according to the contemporary review; conference facilities hosted APEC in 2017. Original land-control and full works duration not independently verified. [99]
Commercial disclosure
Bien Dong Phuong company filing: 2019 revenue VND382.36bn, gross profit VND100.77bn and pre-tax loss VND147.21bn. Company-level historical figures, not current hotel EBITDA or investor yield. [100]
What it means for Tonino Lamborghini

An intimate flagship should avoid relying on the same group-volume strategy. Its room economics must support more space and service per guest.

Map precision: OpenStreetMap property-area centre, way 549188946. [94]

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Operating

Lang Co · Hue · regional benchmark

Banyan Tree Lang Co

Core luxury / brand-entry benchmark · Outside Da Nang
89private-pool villas
2013opening year
Hueoutside Da Nang

A secluded private-pool-villa resort within the Laguna estate. A regional luxury retreat reference with different city access and catchment from Da Nang.

Developer / investor
Laguna / Banyan Group ecosystem. Banyan’s 2020 offering circular identified ownership interests in the Lang Co resorts; current property equity proportions are not verified. [93]
Operator / product
Banyan Tree. Current operator material gives 89 private-pool villas; its tenth-anniversary account dates the resort to 2013. [91] [92]
Dated hotel price
S$507 displayed for one night, two adults, 8 October 2026; reported 9 September, including taxes and fees. Singapore dollars are preserved; no USD conversion or achieved ADR is implied. [45]
Capital
No verified property-level development cost, current equity split or debt terms in the reviewed public sources. Laguna masterplan costs should not be treated as the cost of this resort alone.
Land area / scope
Land area not verified in the reviewed sources.
Land origination / tenure
Historical Banyan ownership interests disclosed in 2020 financing materials. Resort parcel, current equity and remaining land term require updated documents. [93]
Development chronology
Opened 2013; hotel-specific construction duration not independently verified. [92]
Commercial disclosure
Resort-specific capex and returns are not separated here from Laguna masterplan investment.
What it means for Tonino Lamborghini

Seclusion is valuable when guests have enough reasons to stay. Da Nang can combine a retreat experience with easier access to the city, if the actual parcel preserves privacy.

Map precision: OpenStreetMap property point, node 5952735437. In Hue, outside Da Nang. [94]

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Project intelligence / what the filings show

Scale is published.
Returns are not.

Land, capital scope and business model are recorded in each project report above. What almost no competitor discloses is profitability. These are the exceptions, and the evidence any investment decision still needs.

A rare public operating disclosure / not an ultra-luxury hotel proxy

Hoiana: revenue alone does not establish profitability.

US$51.696m1H 2024 net revenue
−US$5.583m1H 2024 adjusted EBITDA
−10.8%Calculated EBITDA / net revenue

LET Group’s interim filing includes US$32.355m net gaming revenue and US$19.341m hotel, food, beverage and other revenue. These estate figures cannot establish the profitability of Hoiana Hotel & Suites, New World Hoiana Beach Resort or an individual ultra-luxury hotel. The period is historical and predates the reported 2025 ownership change. [108] [79]

Sheraton’s historical company results: gross profit was not investor profit

Bien Dong Phuong Villas & Hotel JSC’s 2020 AGM materials report revenue of VND382.36bn, gross profit of VND100.77bn and a pre-tax loss of VND147.21bn in 2019. Revenue was VND258.65bn and the pre-tax loss VND178.47bn in 2018.

The calculated 2019 gross-profit-to-revenue ratio is 26.4%; the pre-tax margin is −38.5%. Financing and administrative costs explain why a positive gross margin did not produce a profit. These are historical company figures, not current hotel EBITDA, cash yield or a claim about present performance. [100]

The data room required before investment approval

Land: original allocation/lease and transfer decisions; land-use certificates; cadastral boundary; permitted use; tenure; paid and contingent obligations; mortgages and disputes.

Delivery: approved plans and floor area; permits; full capex and contingency; executed construction contracts; funding; programme changes; actual progress and completion commitments.

Sales: units released, reserved, contracted, cancelled and handed over; net prices after incentives; buyer mix; deposits collected; taxes; service charges; owner-use and rental contracts.

Operations: 36 months of room-category trading, net ADR, occupancy, revenue mix, GOP, EBITDA, fees, maintenance reserves and owner distributions. Reconcile management accounts to audited financials.

Returns: dated capital contributions, construction draws, sales receipts, operating distributions, debt service and exit proceeds. Only then calculate actual break-even, payback, IRR, equity multiple and yield on a consistent basis.

The evidence still required

Close the gaps
before closing the land.

The public evidence supports a market-entry conversation. The following work turns that conversation into an investable project.

WorkstreamRequired evidenceDecision it unlocks
Demand and priceMatched room-category shopping for representative low, shoulder, high and holiday dates; 1-, 3- and 7-night stays; gross/net rates, breakfast, transfers, cancellation and channel fees. Obtain property-level monthly trading data where available.Achievable ADR, occupancy, category mix and opening ramp.
Residence demandDeveloper-issued unit schedules, net achievable prices after incentives, signed sales and cancellations, absorption by unit type, buyer interviews and all-in fees.Saleable programme, release pace and prudent net proceeds.
Land and planningLand-use certificate, chain of title, remaining term, payment obligations, encumbrances, permitted use, transfer conditions, planning and buildable envelope.A legally and physically executable parcel.
Environment and infrastructureSite survey, geotechnical and flood/storm studies, erosion and ecology, public shoreline access, wastewater, utilities, road access and insurance quotations.Resilient design, approvals path and whole-life cost.
Product and costIndependent area schedule, quantity-surveyor estimate, imported material allowances, FF&E, soft costs, contingency, programme and procurement strategy.A defensible total development budget.
Brand and operationTerritory and category rights, prior grants, approval standards, operator eligibility, fee structure, technical services, owner obligations and termination provisions.A licence and operating model that can be financed.
Capital and governanceProject entity, equity/debt plan, lender terms, tax structure, cash controls, investment committee hurdle and downside liquidity.Authority to acquire and fund the project.

Vietnam land and real estate treatment depends on the actual project, use and investor structure. The WFW/Savills guide is a useful starting point for qualified local counsel; it does not replace current project-specific legal advice. No broker ownership statement is adopted as a legal conclusion here. [14]

DEMAND RISK

Visitor volume does not guarantee villa demand.

Require long-stay and category-level evidence. Test a slower opening and a lower net rate before agreeing the land price.

EXECUTION RISK

Luxury needs the right operator and team.

Resolve brand/operator responsibilities early. Retain design oversight, service planning and a credible pre-opening budget.

CAPITAL RISK

Sales and hotel cash arrive on different schedules.

Maintain a funded construction and opening plan. Model slower sales, delayed handover and a reserve for owner obligations.

SITE RISK

A waterfront can add value and liability.

Price flood protection, erosion, corrosion, insurance and legal access into the land decision, not as late design adjustments.

Research appendix

The evidence
behind the proposal.

Project and competitor update: 11 September 2026. Tourism and prior price observations retain their original reporting dates. Published facts are attributed; strategic judgements and development assumptions are identified in the relevant sections.

How the numbers were handled

National tourism totals were checked against official statistical and government reporting. Da Nang’s latest available official periods are shown separately from older city boundaries. Hotel status is based on operator material and current developer progress where available.

Rate tables preserve source currency, date and product basis. Asking prices remain asking prices. No foreign-exchange conversion, achieved-sales premium or ultra-luxury market ADR has been invented.

Material limitations

Public pricing changes and can disappear. Most observations are single-source displays, not rebooked quotations. Most property-level trading, signed residence transactions, site valuations, fees and project costs remain unavailable; disclosed integrated-estate results are scoped separately. All require fresh verification before investment approval.

Sources sometimes differ. Later operator programme counts supersede the original Mandarin Oriental announcement. The January 2026 Da Nang report supersedes earlier year-end estimates. C9’s branded-residence data is used for that segment; official statistics are used for tourism growth.

Definitions, geographic scope and editorial treatment

Ultra-luxury: an analytical product and service classification here, not a statutory Vietnamese star category. Operating: currently marketed by an operating hotel’s official site. Pipeline: announced or being developed, without presumed opening or performance. Da Nang: the enlarged post-merger municipality where 2025–2026 official totals are used; Ha My and Hoi An are identified by familiar destination names. Regional: nearby markets such as Lang Co in Hue, clearly separated.

ADR: realised room revenue per occupied room, on a consistent net/gross basis. RevPAR: room revenue per available room. EBITDA: operating earnings before interest, tax, depreciation and amortisation. FF&E: furniture, fixtures and equipment. MoU: memorandum of understanding. VND billion and trillion are used without exchange-rate conversion.

Financial examples are deterministic assumptions for discussion. Map points use official property metadata, OpenStreetMap property centres or clearly marked approximate areas. They are not surveyed boundaries, available land offers or proof of development permissions. All three architectural renders are AI-generated; the interactive models are architectural concept studies. They do not imply a land right, approved design, signed brand agreement or planning permission.

The visual direction references Tonino Lamborghini’s official website, including its lateral logo, charcoal palette, expanded Georama headings and Kanit body typography, adapted with sentence-case titles and readable research tables. This is an independent research and vision study, not a communication issued or approved by Tonino Lamborghini. Editorial photographs remain the property of their credited rights holders and are included for private research presentation.

111 REFERENCES · PRIMARY SOURCES PREFERREDDownload evidence index
  1. 01
    Official identity and product presentation

    Tonino Lamborghini · Accessed 10 Sep 2026

  2. 02
    Vietnam economic results, 2025

    National Statistics Office · Jan 2026

  3. 03
  4. 04
  5. 05
    2025 domestic trips and tourism receipts

    Vietnam National Authority of Tourism · 9 Jan 2026

  6. 06
    International arrivals in January–August 2026

    National Statistics Office · 8 Sep 2026

  7. 07
  8. 08
    December 2025 tourism report, pp. 2–4

    Da Nang Tourism Promotion Center · Jan 2026; revised year-end results

  9. 09
    July and January–July 2026 tourism performance

    Da Nang Tourism Promotion Center · 31 Jul 2026

  10. 10
  11. 11
    Da Nang service via Bangkok

    Emirates · Jun 2025

  12. 12
    February 2026 international route roster

    Da Nang Tourism Promotion Center · Feb 2026

  13. 13
    Official e-visa portal and entry conditions

    Vietnam Immigration Department · Accessed 10 Sep 2026

  14. 14
    Vietnam Hotel Investment Guide, supply and investment structures

    Watson Farley & Williams / Savills · Oct 2025; supply at Q3 2025

  15. 15
    Da Nang market report, H1 2025

    Savills Vietnam · H1 2025; historical broader hotel cohort

  16. 16
  17. 17
    Vietnam Branded Residences Market Update, pp. 3–6

    C9 Hotelworks · Apr 2026; active pipeline and future supply

  18. 18
    Official accommodation and villa collection

    InterContinental Danang · Accessed 10 Sep 2026

  19. 19
    Official resort and 100-villa inventory

    Four Seasons The Nam Hai · Accessed 10 Sep 2026

  20. 20
    The Nam Hai residences; primary offering sold out

    Four Seasons Private Residences · Accessed 10 Sep 2026

  21. 21
    Official development portfolio, Da Nang and Bai Nom

    Mandarin Oriental Hotel Group · 2024 portfolio; 60 hotel villas / 22 residences

  22. 22
    Original Da Nang announcement

    Mandarin Oriental Hotel Group · 23 Feb 2021; superseded programme counts

  23. 23
    Developer press and project information

    Mandarin Oriental Da Nang project · Accessed 10 Sep 2026

  24. 24
    Da Nang hotel development

    Nobu Hotels · Accessed 10 Sep 2026; announced

  25. 25
    Construction progress report

    Nobu Danang project · Jul 2026

  26. 26
    Lang Co pool-villa resort

    Banyan Tree · Operating; regional comparator in Hue

  27. 27
    Private villas and wellness inclusions

    TIA Wellness Resort · Operating; specialist comparator

  28. 28
    Original Da Nang resort and residences configuration

    Hyatt · 31 Oct 2011; opening inventory

  29. 29
    Non Nuoc Beach Villas accommodation

    Marriott · Accessed 10 Sep 2026

  30. 30
    Hoiana Hotel & Suites

    Hoiana · Operating; integrated resort comparator

  31. 31
    Amanoi accommodation and destination

    Aman · Accessed 10 Sep 2026

  32. 32
    Regent Phu Quoc resort

    IHG / Regent · Accessed 10 Sep 2026

  33. 33
    Ninh Van Bay accommodation

    Six Senses · Accessed 10 Sep 2026

  34. 34
    Con Dao resort

    Six Senses · Accessed 10 Sep 2026

  35. 35
    Hanoi official fact sheet

    Capella Hotels · 47 rooms and suites

  36. 36
    Rooms, suites and residential-style accommodation

    The Reverie Saigon · Accessed 10 Sep 2026

  37. 37
    JW Marriott residences, Grand Marina Saigon

    Masterise Homes · 25 Feb 2025

  38. 38
    Park Hyatt Phu Quoc official development announcement

    Hyatt · 2019; original opening target obsolete

  39. 39
    InterContinental Danang dated rate observation

    Expedia US · Reported 9 Sep 2026; stay 13 Sep

  40. 40
    Four Seasons The Nam Hai dated rate observation

    Expedia US · Reported 8 Sep 2026; stay 6 Oct

  41. 41
    Six Senses Ninh Van Bay dated rate observation

    Expedia US · Reported 9 Sep 2026; stay 1 Oct

  42. 42
    Six Senses Con Dao dated rate observation

    Expedia US · Reported 8 Sep 2026; stay 9 Sep (historical)

  43. 43
    Capella Hanoi dated rate observation

    Expedia US · Reported 9 Sep 2026; stay 23 Sep

  44. 44
    Park Hyatt Saigon dated rate observation

    Expedia US · Reported 8 Sep 2026; stay 27 Sep

  45. 45
    Banyan Tree Lang Co dated rate observation

    Expedia Singapore · Reported 9 Sep 2026; stay 8 Oct; SGD

  46. 46
    The Nam Hai published room-category price ladder

    MICHELIN Guide hotel booking · Accessed 10 Sep 2026; stay date not disclosed

  47. 47
    Amanoi published accommodation price ladder

    STAYFOLIO · Accessed 10 Sep 2026; undated from-prices

  48. 48
    Mandarin Oriental Da Nang villa asking-price listing

    Batdongsan.com.vn · 24 May 2026; VND98bn / 920 m² land

  49. 49
    Mandarin Oriental Da Nang advertised starting price

    Rumavi · Accessed 10 Sep 2026; VND100bn

  50. 50
    Nobu residences indicative price schedule

    Realtique · 12 Jul 2026; broker indications

  51. 51
    Nobu two-bedroom asking-price listings

    Batdongsan.com.vn · Accessed Sep 2026; secondary cross-check

  52. 52
    Archipelago operating partnership announcement

    Tonino Lamborghini · 26 Jan 2026

  53. 53
    Da Nang destination, coast and climate

    Vietnam Tourism · Official destination guide

  54. 54
    Bai Bac Bay Villa photograph

    InterContinental Danang · Editorial image credit

  55. 55
    Resort photograph

    Four Seasons The Nam Hai · Editorial image credit

  56. 56
    Amanoi photograph; © Aman

    Vietnam Airlines / Aman · Editorial image credit

  57. 57
  58. 58
    Nobu Danang current residential project programme

    CBRE Vietnam · Accessed 11 Sep 2026; 186 hotel rooms / 264 apartments

  59. 59
    Original hotel, restaurant and residences announcement

    Nobu / Hospitality Net · 9 Aug 2022; original 200-room programme

  60. 60
  61. 61
    LXR Da Nang and Conrad Hoi An development programmes

    Hilton · 23 Oct 2025; operator estimated opening dates

  62. 62
  63. 63
    Mandarin Oriental beachfront villas groundbreaking

    Coteccons · 20 Mar 2024; 82 villas

  64. 64
    The Nam Khang site, development scale and reported investment

    VietnamBiz · 17 Mar 2025; media report, broader project scope

  65. 65
    Coastal Da Nang projects and Nam Khang construction reporting

    Vietnammoi · 27 Jul 2025; historical site reporting

  66. 66
    The Luxury Collection hotel and residences programme

    VietnamPlus / IFF announcement · 25 Jun 2024; IFF announcement

  67. 67
    The Residences at Arbora project page

    IFF Holdings · Accessed 11 Sep 2026; developer lists 2027

  68. 68
    Global residences directory; Arbora coming soon

    Marriott Residences · Accessed 11 Sep 2026

  69. 69
    2025 annual report; The Luxury Collection MEP project

    Searefico · 2025 annual report, issued 2026

  70. 70
    Arbora advertised location and site scale

    HEPRO · Accessed 11 Sep 2026; broker, approximately 8 ha

  71. 71
    Rosewood Hoi An retained future-opening project page

    Rosewood Hotels · Accessed 11 Sep 2026; legacy development programme

  72. 72
    Rosewood Hoi An development announcement

    Rosewood / Hospitality Net · 27 Mar 2017; original opening target obsolete

  73. 73
    Launch of Fusion Resort & Villas Danang

    Fusion Hotel Group · 5 Jul 2024; launch programme

  74. 74
  75. 75
    Lodgis investment and founding partners

    Warburg Pincus · Accessed 11 Sep 2026; platform-level sponsorship

  76. 76
    Stay, Play, Indulge golf package

    Fusion Resort & Villas Danang · Accessed 11 Sep 2026; stays through 31 Oct 2026

  77. 77
    Official property and geographic metadata

    Fusion Resort & Villas Danang · Accessed 11 Sep 2026

  78. 78
    New World Hoiana Beach Resort opening and estate inventory

    New World Hotels & Resorts · 26 Apr 2023; opening programme

  79. 79
    VMS reported 75% controlling stake in Hoiana

    Inside Asian Gaming · 30 Jan 2025; reporting of VMS announcement

  80. 80
    New World Hoiana Beach Resort official property page

    Hoiana · Accessed 11 Sep 2026; property location

  81. 81
    Shilla Monogram Danang hotel facts

    The Shilla Hotels & Resorts · Accessed 11 Sep 2026; opened 26 Jun 2020, 309 rooms

  82. 82
    Shilla Monogram investor and operator

    TC Group · 2022; TC Group investment statement

  83. 83
    Sun Hospitality Group and IHG strategic partnership

    Sun Group · 2022; ownership and June 2012 opening

  84. 84
    InterContinental Danang opening programme

    IHG · 2012; historical 201-room opening inventory

  85. 85
    HPL and ASB ownership partnership and management transition

    Four Seasons / PR Newswire · 29 Aug 2016; Four Seasons begins 20 Dec 2016

  86. 86
    Creative Healing Retreats and published package prices

    TIA Wellness Resort · Accessed 11 Sep 2026; single-occupancy package from-prices

  87. 87
    2025 annual report; Non Nuoc Beach Villas portfolio

    Vinpearl · 2025 report, issued Mar 2026; room-equivalent accounting

  88. 88
    Vinpearl resort conversion to Marriott Non Nuoc Beach Villas

    Marriott / Hospitality Net · 2023; brand conversion

  89. 89
    Indochina Land sale of Hyatt Regency Danang to Gaw Capital

    VietnamNet · 2015; historical transaction reporting

  90. 90
    International hotel portfolio brochure

    BRG Hospitality · 2026 upload; Sheraton Grand, 258 rooms and suites

  91. 91
    Lang Co current villa inventory

    Banyan Tree · Accessed 11 Sep 2026; 89 private-pool villas

  92. 92
    Ten-year journey of Banyan Tree Lang Co

    Banyan Tree · 2023; opening in 2013

  93. 93
    Offering circular: ownership interests in Lang Co resorts

    Banyan Tree / SGX · 19 Mar 2020; historical group interests

  94. 94
    Property geography and base-map attribution

    OpenStreetMap contributors · Extracted 11 Sep 2026; community mapping, not a cadastral survey

  95. 95
    Reported Sheraton / Bien Dong Phuong investment scope and historical share transfer

    Znews · 20 Jul 2019; historical reported investment, not a current valuation

  96. 96
    Decision 2536/QD-UBND, Appendix 7, row 82: Nobu investment and programme

    Da Nang People’s Committee / Thuvien Phap Luat reproduction · 9 Jun 2026; planning document, not audited expenditure

  97. 97
  98. 98
    Official project owner and development team

    Nobu Danang · Accessed 11 Sep 2026; Circle Point Real Estate JSC

  99. 99
    Sheraton Grand Danang site and opening review

    TTG Asia · 13 Nov 2018; 17.3 hectares

  100. 100
    2020 AGM materials: company results for 2018 and 2019, p.15

    Bien Dong Phuong Villas & Hotel JSC / Vietstock-hosted filing · 2020 filing; historical company-level results

  101. 101
  102. 102
    Hyatt Regency Danang Residences: registered investment and development profile

    Da Nang city portal · Official project profile; historical investment US$116.25m

  103. 103
    Company profile: Hyatt construction contract and programme, pp.108–109

    Coteccons · 2022 profile; April 2009–November 2011 works

  104. 104
    Current property overview: 189 rooms, 39 hectares, 700-metre beach

    InterContinental Danang · Accessed 11 Sep 2026

  105. 105
    The Nam Hai grounds and landscape allocation

    Four Seasons · 31 Aug 2026; 35 hectares

  106. 106
    2015 annual report: acquisition of The Nam Hai

    Hotel Properties Limited · 2015 report; published 2016

  107. 107
    The Nam Khang developer account of land allocation and payment dispute

    Thanh Nien · 22 Dec 2025; reported developer representations

  108. 108
    2024 interim report: Hoiana integrated-resort results

    LET Group / Hong Kong Exchange · Six months ended 30 Jun 2024; published 10 Jul 2025

  109. 109
    Official real-estate portfolio and Vietnam market exploration

    Tonino Lamborghini · Accessed 11 Sep 2026

  110. 110
    Yixing resort: 69 suites and villas, design and amenities

    Tonino Lamborghini · Accessed 11 Sep 2026

  111. 111
    Original two-bedroom 360-degree marketing tour

    Nobu Danang · Accessed 11 Sep 2026; marketing imagery

CONTINUE TO PAGE 02

The partnership proposal.

Deal structure, proposed responsibilities, capital, governance and the route to Vietnam exclusivity.

Read the proposal