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Vietnam: The Ascott Limited has signed management agreements for nine properties in Vietnam, the group’s third largest market by pipeline in Asia.
The newly-signed properties are expected to open progressively from 2028. It expands Ascott’s Vietnam portfolio by more than 30 per cent to roughly 12,000 units across 42 operational and pipeline properties in 14 cities.
Four of the signings are with Sun Group. In Phu Quoc, Ascott will manage three properties totalling 1,400 units within a single development in Sunset Town. The properties include serviced residences under Ascott, social living spaces with coworking facilities under lyf, and family-friendly resort accommodation under Harris.
The fourth Sun Group signing includes Ascott’s flagship Crest Collection in Southern Vietnam, located in Ho Chi Minh City.
Elsewhere in the city, Ascott has also signed an Oakwood property in Thao Dien.
DOJI Group represents a new partner for Ascott. The team will bring the Diamond Crown Westlake by The Crest Collection to Hanoi’s Tay Ho district.
Up in the north of Vietnam, a partnership with IntertruckCo will deliver the Citadines Riverside Hai Phong in the administrative district of Thuy Nguyen.
A second Citadines property will mark Ascott’s entry into the coastal city of Quy Nhon. Also along the coast, Somerset Non Nuoc Da Nang Resort will offer serviced apartments and villas on Non Nuoc Beach.
Kevin Goh, CEO of The Ascott Limited, said: “Vietnam is one of the most exciting hospitality growth stories in Asia. Demand is rising in the cities, along the coast and across traveller segments, and our flex-hybrid model gives us the versatility to capture it through asset-light growth. Property owners value that our platform can serve both long and short stays, and operate formats as diverse as serviced residences, hotels, resorts and social living properties. With these new signings, we are reinforcing our leadership in serviced residences and extended stay while extending into the leisure destinations and luxury segments where new demand is taking shape.”
Highlights:
- The Ascott Limited has signed management agreements for nine properties in Vietnam, increasing its pipeline by more than 30 per cent to approximately 12,000 units across 42 operational and pipeline properties.
- Four properties have been signed with Sun Group, including three developments in Phu Quoc comprising approximately 1,400 units under the Ascott, lyf and Harris brands, plus a Crest Collection property in Ho Chi Minh City.
- Ascott has also partnered with DOJI Group and IntertruckCo to expand its Vietnam portfolio with Diamond Crown Westlake by The Crest Collection in Hanoi and Citadines Riverside Hai Phong, alongside new properties in Quy Nhon and Da Nang.
- The nine properties, scheduled to open progressively from 2028, strengthen Vietnam as Ascott’s third-largest market by development pipeline in Asia, spanning serviced residences, hotels, resorts and social living concepts.
