The Ascott has formed a strategic partnership with Sun Group, one of the biggest real estate developers in Vietnam, to manage the largest serviced residence integrated development in the country.
To date, Ascott has achieved a record of over 2,800 new units in Vietnam, exceeding its full year signings in the country in the previous years.
Ascott will manage 1,905 units across three distinct serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi.
The iconic integrated development will be Vietnam’s new landmark, transforming the city’s skyline and rejuvenating the city’s exclusive waterfront Tay Ho district.
Ascott will introduce the Crest Collection brand in Vietnam.
Currently only available in France, this is the first time the collection will debut in Asia, providing guests a unique luxury experience through a distinctive blend of character and heritage.
Ascott will also introduce its signature Ascott the Residence brand as well as its fastest growing brand, Citadines Apart’hotel.
The three serviced residences are expected to open in phases from quarter one of 2023.
At the signing ceremony that took place between Ascott and Sun Group, Kevin Goh, chief executive of lodging for Ascott owner CapitaLand Investment, said: “Forming strategic collaborations with leading industry players continues to be a key growth strategy for Ascott.
“It provides us with accelerated access to a pipeline of quality projects to grow our global portfolio and our recurring fee income as they open and stabilise.
“The project will be a flagship showcase of Ascott’s hospitality capabilities.
“Together, we look forward to introducing a new architectural beacon in Vietnam, attracting local and international guests to find their home away from home with us.
“Our strategic partnership will also pave the way for Ascott to collaborate on more lodging projects with Sun Group in the future.”