Hyatt Place Ha Long Owner Raises VND1,200bn at 12.5%. A Steel Trader Turned Hotelier Is Paying Up for Capital

The Hyatt Place Ha Long owner has borrowed VND1,200bn from the bond market at 12.5% a year. Thanh Duc Holding JSC, a Hai Phong company that started as a steel trader, reported the three-year issue to the Hanoi Stock Exchange on 27 October. Eighteen days before the issue, it had changed its main business to hotels. The company did not say what the money is for, who bought the bonds or what secures them. For hotel owners and lenders in Vietnam, the rate is the story: this is what private hotel capital costs today.

Key facts

What happened

Thanh Duc Holding issued the bonds on 26 October and reported the result to the Hanoi Stock Exchange the next day, according to CafeF. The terms allow early buy-back after one year, and force it if the company breaches the terms.

On 8 October the company changed its registered main business from wholesale of metals and ores, mainly steel, to hotels and short-stay accommodation. It also added property, tourism, power, transport and education to its list of activities.

Who is behind it

Thanh Duc was founded in Hai Phong in 2014 with VND6bn of capital. Doan Thi To held 90% at the start. Its capital rose to VND1,399bn by October 2025, and the shareholder list has not been published since. Its current director and legal representative is Tran Trung Hieu.

Vietnamese press link the company to T&D Group, a Hai Phong group chaired by Doan Thi To. T&D bought two Hai Phong towers at auction in 2021 for a planned Hyatt Place Hai Phong.

Hyatt Place Ha Long Bay, Bai Chay is registered as a branch of the company. Hyatt announced its opening on 10 April 2025, with 163 rooms. In Lao Cai, Thanh Duc is the developer of Hyatt Regency Sapa, a 168-room hotel on a 9,587 sq m site in Sa Pa, according to its building-services contractor. We found no confirmed opening date. The company mortgaged rights in the Sapa project to BIDV in 2024, according to CafeF.

Our read

A 12.5% coupon is expensive. It is the price of a private issuer with little public disclosure and a short record in hotels.

By our calculation, the interest is about VND150bn a year. A 163-room select-service hotel in Bai Chay is unlikely to carry that on its own. The money is either for Sapa, for a new project, or to refinance existing debt. The company has not said which.

The change of main business before the issue is worth noting. It lets the company present itself to investors as a hotel owner, not a steel trader.

Our view: Vietnamese private hotel owners are turning to bonds again as banks stay cautious on property. Expect more issues like this, at similar rates, from groups that own branded hotels but not much else that lenders like.

What it means for you

1. Owners raising capital

The market will fund hotels, but at about 12–13% for private issuers. Price that into your returns before you commit to a build.

2. Bond buyers

Ask for the purpose, the collateral and the shareholder list. This issue discloses none of them.

3. Brands and operators

Check your owner’s balance sheet, not just the hotel’s. Debt at group level can squeeze the money for refits and staff.

4. Competitors in Ha Long and Sa Pa

Hyatt Regency Sapa will add 168 branded rooms to Sa Pa when it opens. Plan your rate strategy now.

FAQ

Who owns Hyatt Place Ha Long Bay?

Thanh Duc Holding JSC, a Hai Phong company. The hotel is registered as a branch of the company and carries the Hyatt Place brand.

How much did Thanh Duc Holding raise?

VND1,200bn in three-year bonds at 12.5% a year, issued on 26 October 2026.

What is the money for?

The company did not disclose the purpose of the issue, the buyers or any collateral.

Why did the company change its main business?

It did not explain. On 8 October it switched its registered main business from steel trading to hotels and accommodation.

Does it own other hotels?

It is developing Hyatt Regency Sapa, a planned 168-room hotel in Sa Pa, Lao Cai.