Warburg Pincus, a leading global private equity firm focused on growth investing, and VinaCapital, the largest private equity firm in Vietnam, have announced that affiliates of the two firms and VinaCapital founder Don Lam have closed a partnership to create a fully integrated hospitality platform spanning development, acquisitions and operations across Southeast Asia.
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The joint venture aims to become the pre-eminent hotel platform in Vietnam and expand into other hospitality markets in Southeast Asia. The long-term goal is capturing growth in tourist arrivals, especially from China, to the region in the next five to 10 years.
It will be seeded initially with about US$300 million of capital commitments from Warburg Pincus and VinaCapital and best-in-class hospitality assets including a 100% stake of Serenity Holding, as well as select resort and city hotels in Vietnam. Serenity is a leading domestic hotel management company focusing on developing and operating specialized boutique resorts and upscale city hotels in Vietnam under its Fusion brands.
Legal counsel: Latham & Watkins represented Warburg Pincus in the transaction with a Hong Kong-based deal team led by partner Amy Beckingham and associates Douglas Abernethy and Edward Tang. Singapore-based associate Marcus Lee provided Singapore law support. Advice was also provided on finance matters by Hong Kong-based partner Gary Hamp and associate Trinh Hoang and on tax matters by London-based partner Sean Finn and associate Robert Thomas.
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