VMS Group, a Hong Kong-based investment firm, has taken control of a 75% stake in Hoi An South Development Ltd. (HASD), the entity managing Hoiana Resort & Golf in Vietnam’s Quang Nam Province. This move follows a major restructuring and capital infusion to enhance the resort’s growth and market position.
Leadership Restructuring and Strategic Growth
As part of this transition, Steve Wolstenholme will step down as President and CEO of HASD. Benny Chong, Chairman and CEO of VMS Group, will assume the role of President, while Alan Teo, a seasoned executive with experience at Resorts World Sentosa and Universal Hotels and Resorts, has been appointed as the new CEO.
The restructuring comes as Hoiana navigates challenges stemming from its reliance on Suncity Group customers, a key revenue source disrupted by the crackdown on junket operators. VMS Group emphasized that leadership changes aim to strengthen management and coordination with Vietnamese authorities. A spokesperson stated, “These changes reflect our commitment to adaptability and long-term success.”
Hoiana Resort & Golf’s Future Growth
Hoiana Resort & Golf, featuring 1,200 luxury hotel rooms, a championship golf course, and various entertainment venues, is positioned for further development. VMS Group envisions the resort as a key driver of tourism, attracting global visitors, increasing economic opportunities, and supporting Vietnam’s GDP.
Enhancing Regional Appeal and Future Outlook
The leadership transition follows other executive changes at Hoiana in 2024, including the appointment of Melvyn Boey as CFO. His role aligns with the resort’s goal of strengthening financial operations and long-term strategic planning.
VMS Group’s expanded control underscores its commitment to making Hoiana a premier tourism and investment hub. By refining its high-end offerings and adapting to a shifting tourism landscape, the resort is poised to become a central force in Vietnam’s hospitality sector.