Novotel Saigon Centre Hotel owner reports biggest ever loss

Thien Phuc International Hotel Company, which owns the four-star Novotel Saigon Centre Hotel in HCMC, has reported its biggest ever half-yearly loss of VND369.6 billion (US$15.4 million).

The loss for the year’s first half was 50% higher year-on-year, according to its earnings report.

It had racked up full-year losses of VND786 billion in 2021 and VND783 billion in 2022.

At the end of H1 2023 Thien Phuc had total liabilities of VND8.695 trillion, including VND6.4 trillion in corporate bonds it had issued.Thien Phuc used to belong to Que Huong Liberty Corporation, one of the largest hotel operators in the city.

In 2016, Que Huong Liberty sold its entire holding in Thien Phuc to Saigon Green View Investment Corporation.