Success Dragon terminates agreement to acquire Danang hotel

HK-listed Success Dragon International Holdings Ltd has announced it has terminated an agreement to acquire a stake in a 5-star hotel in Danang, Vietnam.

In April, the gaming services firm entered into an agreement to acquire the hotel for a total consideration of US$14.1 million, which would allow the company to hold a 45 percent equity interest in the hotel and the land.

The hotel was identified as One Opera Danang Hotel and the deal was also to include the electronic gaming machine club operated within the hotel.

However, the firm said the vendor identified as My Ngoc Nguyen – had “difficulty in obtaining the requisite consent for the implementation of the [asset] reorganisation”, which led to the termination of the agreement.

Success Dragon said the  termination  of  the  acquisition  will  not  have  any  material adverse impact on the operation, business nor financial position of the group.