The Ascott Limited has partnered with real estate developers Sun Group to manage Vietnam’s largest serviced residence integrated development.
Serviced residence and hotel operator Ascott will manage 1,905 units across three of its brands within the Sun Group’s Tay Ho View complex in Hanoi, located next to the West Lake.
Ascott will debut The Crest Collection brand in Asia, currently only available in France, and offer 28 three- and four-bedroom duplex apartments. Ascott The Residence will provide 1,167 units comprising suites, studio, one- to four-bed apartments and duplex units, while the Citadines Aparthotel brand will offer 710 units consisting of studio, one- to four-bed apartments and duplex units. The three serviced residences are set to open in phases from the first quarter of 2023.
Facilities at the three properties will include residents’ lounges, a reading room, gyms, high-end restaurants by Michelin-starred or world-renowned chefs, a club and a sky bar.
The development also includes commercial and retail elements, and the 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.
At the signing ceremony, Kevin Goh, Capital Land Investment’s CEO for Lodging 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. This is line in with CLI’s asset-light strategy.
“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 debuted in Vietnam 27 years ago with the opening of Somerset West Lake Hanoi, and is now the largest international lodging owner-operator in the country. With the addition of the three serviced residences, the group’s portfolio in the country comprises approximately 9,200 units in over 30 properties across 12 cities.
The company recently announced plans to grow its millennial focused Lyf co-living brand to 25 properties by 2025, including a recently signed location in Paris.