Marriott International has announced what it is referring to as “the largest hotel-branded residential project announced to date worldwide”, located in the Vietnamese hub of Ho Chi Minh City.
The project is slated to open in late 2024, and will feature nearly 4,200 residential and “officetel” units across the group’s JW Marriott and Marriott Hotels brands.
According to Marriott officetels “have the benefit of dual functionality of both commercial as well as residential components”, with the units “expected to be designed in a similar fashion as the residential units”.
The development will house Marriott Hotels-branded units “with sophisticated spaces meant to inspire residents”, and JW Marriott-branded units “designed for mindfulness and fostering togetherness with loved ones”.
Paul Foskey, Chief Development Officer, Asia Pacific for Marriott International, said that the agreement with Vietnam-based real estate firm Masterise Homes “underscores the strong appeal of the branded residences segment, especially within the Asia Pacific region”, while Jason Turnbull, Deputy Managing Director and Chief Financial Officer for Masterise Homes, commented:
“Masterise Homes has developed renowned properties in Vietnam for over six years and solidified its position as an industry leader with its focus on building a real estate ecosystem with premier international standards.
“Marriott International’s commitment to operational excellence will help bring world-class standards to residents of this dynamic new project.”
Marriott opened its first branded residences in 2000, co-located within the Ritz-Carlton Washington DC. In 2010 the group opened its first residences outside the US, in Singapore, and the 100th property worldwide opened in 2019.
Forthcoming projects include The Residences at The St Regis Chicago, and The Ritz-Carlton Residences Montenegro.