Kingdom Hotels Investment Company (KHI) will build a luxury hotel named Raffles in central Da Nang City with an investment capital of US$65 million. The hotel is expected to be open in 2011.

Raffles is the first KHI project to meet an increasing demand for luxury hotels and residential areas in Asian countries, including Vietnam.

KHI managing director said 70 percent of the KHI budget will be invested in Asia in the coming period of three to five years.