InterContinental Hotels Group (OHG), the UK-based company, has signed an agreement to manage a US$52m (£27m, 40m euro) 500-room hotel in Danang, Vietnam.

The Crowne Plaza Danang, which is due to open in early 2009, will be situated along the beachfront district of Ngu Hanh Son, 15 minutes from Danang International Airport.

Jan Smits, IHG’s chief operating officer for Southern Asia and Korea, said: “We are tapping into the vibrant Vietnamese economy which has distinguished itself as one of the key Southeast Asian economies to watch.

“Danang is a city in which this economic momentum is very much apparent. Its central location, with links to the capital city of Hanoi in the north and Ho Chi Minh in the south, also makes it a strategic address for our first Crowne Plaza in Vietnam.”

The hotel is being developed by the Hoangdat Silver Shores Exceptional International Entertainment Joint Venture Company. Details: www.ihgplc.com