The Ascott Limited (Ascott), a wholly owed lodging business unit of CapitaLand is accelerating is expanding its presence in Vietnam with new several new projects that will be in Cam Ranh and Hoi An.
The new properties will be the Citadines Pearl Hoi An, which is due to be open in 2019, the Somerset Cam Ranh Bay and the Vertu Cam Ranh Bay that are both going to be open in 2022.
• The Citadines Pearl Hoi An is Ascott’s first property in Hoi An. The property is in the middle of the Hoi An Beach Ecotourism Area and will focus on the couples and family leisure markets.
The complex is a mixed-use development that will include hotel rooms, studio, and one- to three-bedroom serviced apartments, and a retail component with over 120 outlets as well as a cinema.
• The Somerset Cam Ranh Bay is Ascott’s first serviced residence in Cam Ranh City. The 230-unit property offers a variety of studio, one-bedroom, two-bedroom and three-bedroom apartments. This property will focus on couples, families and retirees as well as business people visiting the Cam Ranh Bay area.
|The Vertu Cam Ranh – artist concept|
• The Vertu Cam Ranh Bay offers 598 hotel rooms and suites. The property is a first Vertu-branded hotel under Tauzia’s portfolio in Vietnam. Tauzia is a member of Ascott with presence in Indonesia, Malaysia and Vietnam.
According to Ascott, both Somerset Cam Ranh Bay and Vertu Cam Ranh Bay are integrated in a development located in the heart of the Northern Cam Ranh Peninsula tourism area.
The guests of both properties will enjoy a variety of amenities and facilities including restaurants, a ballroom, meeting rooms, gyms, a swimming pool and a Santorini themed park. The properties are close to the central business district and a five-minute drive to Cam Ranh Airport and are surrounded by a variety of bars, restaurants and retail outlets.
|Kevin Goh, CEO of Ascott|
Kevin Goh, CEO of Ascott, commented on the company’s expansion in Vietnam and the Asia-Pacific region and said, “We are fast-expanding Ascott’s global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings.”
Ascott is betting big on the Asia Pacific market where its new properties will mostly be. The market, in particular, is expected to continue seeing strong demand for lodging in tandem with lower cost of travel, improving travel infrastructure and middle-class demographics’ growing disposable income and aspiration to travel.