SINGAPORE – CapitaLand Investment (CLI), The Ascott Limited and Sun Group have penned a deal that will see the group manage the largest serviced apartment complexes in Việt Nam, as well as introducing some of Ascott's most exclusive brands to the country for the first time.
Ascott and Sun Group sign a strategic partnership to manage the largest serviced residences in Việt Nam. Photo courtesy of Ascott
At the signing ceremony, which took place on October 11, Kevin Goh, CLI’s Chief Executive Officer for Lodging said: “Forming strategic collaborations with leading industry players continues to be a key growth strategy for Ascott. It provides us with access to a pipeline of quality projects to grow our global portfolio.
This is in line with CLI’s asset-light strategy. We will manage the biggest serviced residence developments in Việt Nam with three of our brands, demonstrating confidence in Ascott’s global expertise and brand reputation. The project will be a showcase of Ascott’s hospitality capabilities.
Together, we look forward to introducing a new architectural beacon in Việt Nam, attracting local and international guests to find their homes with us. Our strategic partnership will also pave the way for Ascott to collaborate on more lodging projects with Sun Group in the future.”
Ascott currently manages over 2,800 units in Việt Nam, exceeding its full-year signings of the previous years. Ascott will manage 1,905 units across three serviced residence brands within Sun Group’s Tây Hồ View Complex in Hà Nội.
The planned Tây Hồ View Complex. Photo courtesy of Ascott
This integrated development will be a new landmark in Việt Nam, transforming the city’s skyline and rejuvenating the exclusive waterfront district of Tây Hồ. Ascott will also introduce The Crest Collection brand to the country.
Currently only available in France, this is the first time The Crest Collection will debut in Asia, providing guests with a unique luxury experience through a distinctive blend of character and heritage. Ascott will also introduce its signature The Residence brand, as well as its fastest-growing brand, Citadines Apart’hotel.
The Residence offers guests exclusive and personalised experiences while Citadines Apart’hotel offers the flexibility and practicality of a serviced apartment, with hotel services and locally influenced experiences.
The three serviced residences are expected to open in phases from the first quarter of 2023.
Nguyễn Vũ Quỳnh Anh, CEO, Sun Hospitality Group (SHG), said: “Sun Group and SHG are thrilled to partner with Ascott, one of the world’s leading lodging companies, to achieve our vision for the Tây Hồ View Complex. As a pioneer in Asia-Pacific’s serviced residence industry, Ascott’s international reputation and network are an excellent fit for our world-class project. Sun Group and SHG’s has experience in many of Vietnam’s world-class projects, such as InterContinental Sun Peninsula Resort, JW Marriott Phú Quốc Emerald Bay, Hotel de la Coupole - MGallery (Sa Pa), and others. Furthermore, the project will also fuel the continued growth of Hà Nội’s economy, drawing business and leisure travellers to the city while also providing meaningful employment opportunities for the community.”
In June 2021, Ascott's Serviced Residence Global Fund acquired the 364-unit Somerset Metropolitan West Hanoi, which is due to open in 2024. VNS