Hotel Okura Co Ltd is set to open its first Okura Prestige-brand property in Vietnam, following the signing of an agreement with Saigon Trading Group to develop and manage the upcoming Okura Prestige Saigon.

The new Ho Chi Minh City property is scheduled to open in 2020 as part of the 40-storey mixed-use complex currently under development on the site of the former Saigon Tax Trade Center in District 1 of the city. Transport connectivity to the city’s under construction Ben Thanh-Suoi Tien metro line will be offered via a direct link from the new complex.

Okura Prestige Saigon is planned to include 250 guestrooms, multipurpose meeting and events spaces, a gym and outdoor pool. Its F&B offerings meanwhile will include Japanese and all-day dining restaurants and a rooftop bar.

Speaking about the newly announced property, Hotel Okura’s president Toshihiro Ogita, said: “The Okura Prestige Saigon will combine meticulous Japanese hospitality with state-of-the-art facilities to deliver our signature Okura Prestige quality and ambience.”

The parent company of Okura Nikko Hotel Management – which operates Okura Hotels & Resorts, Nikko Hotels International and Hotel JAL City – Hotel Okura currently operates two properties in Vietnam, the Hotel Nikko Hanoi and Hotel Nikko Saigon. The group’s new Ho Chi Minh City property will be its third in the country and is part of a wider expansion plan by the group aimed at expanding its portfolio to 100 properties by 2020, most of which will be located in Asia.

“We are focusing on hotel development in Vietnam because of its stable and highly promising GDP growth rate, which is averaging 6.5 per cent annually, and its affluent and youthful population up to age 30, which accounts for half the nation’s population.

“Vietnam suits our business strategy of expanding the scope of our loyal customers’ travel destinations, growing our brand awareness, and further strengthening our customer base and thus competitive advantages in promising markets.”

Also set to open in Asia-Pacific prior to the new Ho Chi Minh City property are the Hotel Nikko Bangkok in 2018, plus The Hotel Okura Manila Bayshore and The Okura Prestige Phnom Penh, both in 2019.