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 – 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.”
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.
About Sun Group
Established in 2007, Sun Group started out in Vietnam as a local business enterprise and is now one of the leading companies in Vietnam across four key sectors: Entertainment, Hospitality, Infrastructure, and Real Estate. In each sphere of influence, Sun Group has left a timeless imprint across the country, forging innovative projects and structures of great beauty and value that transcend the test of time.
Sun Group owns three member brands: Sun World, Sun Hospitality and Sun Property. For many consecutive years, the group has improved the reputation of Vietnam's tourism in the international arena with timeless works and a collection of prestigious awards. At the end of 2020, Sun Group was the pride of Vietnamese tourism by winning 25 awards at the World Travel Awards - Asia for resort tourism, entertainment and infrastructure projects invested by the group.
In particular, Sun Hospitality Group by Sun Group is a valuable brand in the hospitality industry of Vietnam, owning a series of world-class projects such as InterContinental Danang Sun Peninsula Resort, Hotel de la Coupole – MGallery in Sa Pa, and JW Marriott Phu Quoc Emerald Bay.
Despite the fact that the tourism sector has encountered unprecedented difficulties due to the COVID-19 pandemic, this year, Sun Group continues to launch two new projects, named Capella Hanoi in the capital of Hanoi and New World Phu Quoc Resort in Phu Quoc island. The two new members of the group have immediately gained international acclaim. Capella Hanoi was recently honoured as one of the ‘Best New Hotels in the Asia – Pacific region’ by The Luxe List 2021 of the DestinAsian travel magazine. When Phu Quoc was on TIME's 2021 list of the World's 100 Greatest Places, New World Phu Quoc Resort was recommended as a worth-to try new lodging option for visitors.
For more information visit www.sungroup.com.vn.
About Sun Hospitality Group
Sun Hospitality Group (SHG) is a member of Sun Group, a leading developer in Vietnam in the fields of tourism, entertainment, infrastructure investment and real estate. In the leisure travel field, SHG owns a portfolio of luxury hotels and resorts throughout Vietnam, many of which have won prestigious global awards and reputable titles.
InterContinental Danang Sun Peninsula set an unprecedented record in the history of World Travel Awards, earning the title of ‘World’s Leading Luxury Hotel’ for four consecutive years between 2014 and 2017. The luxury hotel also received seven awards in the 2020 World Travel Awards, including ‘Asia’s Leading Green Resort’, ‘Asia’s Leading Luxury Resort’ and ‘Asia’s Most Romantic Resort’.
JW Marriott Phu Quoc Emerald Bay Resort at Kem Beach was also awarded the ‘World's Leading Resort & Spa’ and ‘Asia's Leading Luxury Resort & Spa’ in the 2019 World Travel Awards, as well as ‘The Best Resort in the World 2020’ by Haute Grandeur Global Awards. Most recently, these two resorts have been ranked in the list of Top 25 resorts in Asia by Condé Nast Traveler's 2021 Readers' Choice Award.
In the North West of Vietnam, the SHG’s Hotel de la Coupole – MGallery from Sa Pa was also recognised as the ‘World’s Leading Iconic Hotel 2019’ and ‘Asia’s Leading Design Hotel 2020’.
About The Ascott Limited
Since pioneering Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott's presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott's diversified accommodation offerings span serviced residences, co-living properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott's loyalty programme, members enjoy exclusive privileges and offers at participating properties.
A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.
For more information on Ascott's industry record of 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.
About CapitaLand Investment Limited
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 30 September 2023, CLI had S$133 billion of real estate assets under management, and S$90 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full stack of operating capabilities, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand's development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Visit http://www.capitalandinvest.com/ for more information.
Joan Tan
Assistant Vice President, Corporate Communications
+65 6713 2864
The Ascott Limited
