Ascott Signs 1,905 Serviced Residences in Hanoi, Vietnam

Ascott has formed a strategic partnership with Sun Group, one of the biggest real estate developers in Vietnam, to manage the country’s largest serviced residence integrated development.

Ascott will manage 1,905 units across three distinct serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi.

Ascott will introduce its The Crest Collection brand in Vietnam. Currently only available in France, this is the first time The Crest Collection will debut in Asia. Ascott will also introduce its signature Ascott The Residence and Citadines Apart’hotel brands.

The three serviced residences are expected to open in phases from Q1 2023.

Ms Nguyen Vu Quynh Anh, CEO, Sun Hospitality Group (SHG), said, “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. With Sun Group and SHG’s experience in many of Vietnam’s world-class projects such as InterContinental Sun Peninsula Resort, JW Marriott Phu Quoc Emerald Bay, Hotel de la Coupole - MGallery (Sa Pa), etc. as well as Ascott’s award-winning hospitality experience, we are confident that Tay Ho View Complex will be the country’s latest architectural landmark to capture everyone’s attention. Tay Ho View Complex is set to redefine hospitality standards in the city. Furthermore, the project will also fuel the continued growth of Hanoi’s economy, drawing business and leisure travellers to the city while also providing meaningful employment opportunities for the community.”

The Tay Ho View Complex development will transform the city’s skyline and rejuvenate the city’s exclusive waterfront Tay Ho district. In addition to Ascott’s trio of serviced residences, the integrated development also comprises commercial and retail elements.

Tay Ho View Complex will be surrounded by many embassies, businesses, restaurants and retail options. It will also be next to an upcoming Opera House. Hanoi’s central business districts in Hoan Kiem, My Dinh and Ba Dinh, as well as the Noi Bai International Airport are all within a 20-minute drive away.

Ascott The Residence will offer 1,167 units comprising suites, studio, one to four-bedroom apartments and duplex units, while Citadines Apart’hotel will offer 710 units comprising studio, one to four-bedroom apartments and duplex units. The Crest Collection will offer 28 exclusive units, comprising three and four-bedroom duplex apartments.

Facilities at the three properties include residents’ lounges, a reading room, and gymnasiums. Residents will also have access to high-end restaurants, a club, and a sky bar perched atop the integrated development.

Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging, said, “Ascott’s strategic partnership with Sun Group to manage the biggest serviced residence development in Vietnam with three of our brands, demonstrates their confidence in Ascott’s global expertise and brand reputation. 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.”

Ascott made its first foray into Vietnam 27 years ago with the opening of Somerset West Lake Hanoi. Today, Ascott is the largest international lodging owner-operator in the country.

With the addition of the three serviced residences, Ascott’s portfolio in Vietnam comprises about 9,200 lodging units in over 30 properties across 12 cities such as Binh Duong, Cam Ranh, Danang, Hai Phong, Halong, Hanoi, Ho Chi Minh (Saigon), Hoi An, Lao Cai, Nha Trang, Sa Pa and Vung Tau.

In June 2021, Ascott’s private fund, Ascott Serviced Residence Global Fund, acquired the 364-unit Somerset Metropolitan West Hanoi which is slated to open in 2024.

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