Ascott seals strategic partnership with Sun Group to manage Vietnam's largest serviced residence integrated development
Recognition of Ascott’s international lodging expertise by leading industry players set to bring more opportunities to build its pipeline of properties
Singapore, 12 October 2021 – CapitaLand Investment’s (CLI) wholly owned lodging business unit, The Ascott Limited (Ascott) has formed a strategic partnership with Sun Group, one of the biggest real estate developers in Vietnam, to manage Vietnam’s largest serviced residence integrated development. To date, Ascott has achieved a record of over 2,800 new units in Vietnam, exceeding its full year signings in the country in the previous years.
Ascott will manage 1,905 units across three distinct serviced residence brands within Sun Group’s Tay Ho View Complex in Hanoi. The iconic integrated development will be Vietnam’s new landmark, transforming the city’s skyline and rejuvenating the city’s exclusive waterfront Tay Ho district. 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, providing guests a unique luxury experience through a distinctive blend of character and heritage. Ascott will also introduce its signature Ascott The Residence brand as well as its fastest growing brand, Citadines Apart’hotel. Ascott The Residence offers discerning guests exclusive and personalised experiences while Citadines Apart’hotel offers the flexibility and practicality of a serviced apartment with hotel services as well as locally influenced experiences. The three serviced residences are expected to open in phases from 1Q 2023.
“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.”
- Mr Kevin Goh, CLI’s Chief Executive Officer for Lodging
Ms Nguyen Vu Quynh Anh, CEO, Sun Hospitality Group (SHG), the Sun Group’s hospitality brand, said: “Sun Group and SHG are thrilled to partner Ascott, one of the world’s leading lodging companies, to achieve our vision for Tay Ho 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. 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.”
Staying with Ascott at Tay Ho View Complex, Hanoi’s newest architectural icon
Tay Ho View Complex is located in one of Hanoi’s most exclusive districts and situated next to the famous West Lake. 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 to be opened in the future. 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 by Michelin-starred or world-renowned chefs bringing guests on a culinary adventure. There will also be a club as well as a sky bar perched atop the integrated development for guests to unwind after a long day with the bar’s signature drinks.
Ascott’s presence in Vietnam
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 City, 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.