The Grand Ho Tram in Vietnam will open its new Holiday Inn Resort on 15 January 2022.

According to InterContinental Hotel Group, the resort is the brand’s first entry into Vietnam.

The 561-room new facility, owned by InterContinental Hotel Group, was initially scheduled for launch in mid-July 2021, but was postponed because of Covid-related travel restrictions.

Located on the southeast coast of Vietnam near Ho Chi Minh City, The Grand Ho Tram’s new location’s first phase cost around $600m to complete and includes a foreigner-only casino with over 90 tables.

The tower also features new restaurants and a range of entertainment options, including an outdoor park, a bowling alley, a golf simulator and more.

A second hotel is being planned; upon completion, it will bring the total room count to 1,100.

The complex was developed by the Ho Tram Project Company. A majority stake in the property’s operating entity, Asian Coast Development, was purchased by American private equity firm Warburg Pincus in 2019.

Warburg Pincus is a private partnership focused on private equity since 1966 and has invested more than $97bn in over 960 companies in retail, industrial manufacturing, energy, financial services, healthcare, technology, media and real estate.

The firm operates from 14 offices in 10 countries.

Warburg Pincus invests in business at all stages of development, from founding start-ups (to support growth in new companies) to complex recapitalisations or large-scale buy-outs of more mature businesses.