Recognition of Ascott’s international lodging expertise by leading industry players set to bring more opportunities to build its pipeline of properties.
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.
At the signing ceremony that took place between Ascott and Sun Group, Mr Kevin Goh, CLI’s Chief Executive Officer 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.”