VMS Group, a Hong Kong-based investment firm, has officially taken control of a 75% stake in Hoi An South Development Ltd. (HASD), the entity responsible for managing Hoiana Resort & Golf in Vietnam’s Quang Nam Province. This shift follows a major restructuring effort and capital infusion aimed at accelerating the development of the integrated resort. The company’s ownership restructuring is part of an overall strategy to strengthen the resort’s position as a top-tier tourism and investment destination.
Strategic restructuring to ensure growth:
As part of this transition, significant changes have been made in the leadership team. Steve Wolstenholme, who has served as the President and CEO of HASD for the past seven years, will step down from his position. Benny Chong, the Chairman and CEO of VMS Group, will take over as the new President of HASD. Alan Teo, a seasoned executive with experience in large-scale resorts, has been appointed as the new CEO. Teo previously held the role of Chief Operating Officer at Resorts World Sentosa in Singapore and more recently served as COO at Universal Hotels and Resorts in the Philippines.
VMS Group’s decision to revamp the leadership comes at a crucial time for Hoiana, a resort that has faced challenges since its 2020 opening. The resort’s business model initially relied heavily on customers from Suncity Group, a Macau-based junket operator led by Alvin Chau. However, following Chau’s arrest in 2021 and a subsequent crackdown on the junket sector, this revenue stream was severely disrupted, leaving the resort to navigate a changing landscape.
In light of these challenges, VMS Group emphasized that the leadership changes are intended to reinforce the management team and improve coordination with Vietnamese authorities. A spokesperson for the group stated, “The changes in leadership are part of our commitment to adapt and evolve to the ever-changing business landscape, ensuring that our company remains at the forefront of our industry as we continue to expand our project.”
The Hoiana Resort & Golf, already a notable destination with 1,200 luxury hotel rooms, a championship golf course, conference and convention facilities, and various entertainment venues, is poised for continued development. VMS Group sees the resort as a cornerstone of its broader economic strategy for the region. The company’s mission is to transform the south of Hoi An into a premier travel hub, drawing both domestic and international tourists. By doing so, VMS Group aims to increase tourism revenue, create skilled job opportunities, attract global investors, and ultimately contribute to both Vietnam’s GDP and the local economy.
According to VMS Group, the restructuring of HASD is necessary to ensure that project-financed developments can be completed on time and that the resort’s long-term growth objectives are met. The group also reiterated its commitment to fostering a workplace culture that values collaboration, innovation, and growth. “Looking ahead, our focus remains on delivering exceptional services to our clients and fostering a workplace culture that encourages collaboration, innovation, and growth,” VMS added, as reported by Inside Asian Gaming.
Strengthening regional appeal:
The leadership transition at Hoiana Resort & Golf follows a series of executive changes at the property in 2024. In July, Melvyn Boey was appointed CFO of the resort, succeeding Laurence Hawke. Boey’s appointment aligns with the resort’s goal to enhance financial operations and develop long-term strategic plans to support its growing stature as an integrated resort and tourism destination.
VMS Group’s strategic vision for Hoiana places a strong emphasis on expanding the resort’s appeal to tourists from around the world, driving growth not just for the resort but for the broader Quang Nam Province. The group’s leadership is confident that these adjustments, both in terms of ownership and management, will position Hoiana to become a driving force in the regional tourism and hospitality sectors.
VMS Group’s enhanced control over Hoiana Resort & Golf signals a renewed commitment to the property’s future. The resort’s high-end offerings, including luxurious accommodations and extensive leisure facilities, aim to attract a broad range of visitors. As the region seeks to recover from the impacts of the global pandemic and a shifting tourism market, Hoiana has the potential to become a central player in Vietnam’s tourism and hospitality industries.
