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The Ascott Limited is significantly expanding its presence in Vietnam, securing deals to manage over 1,200 lodging units across seven properties. This surge reinforces Ascott’s position as the largest international lodging owner-operator in Vietnam, boosting its portfolio to almost 9,200 units in over 40 properties spanning 12 cities. Key projects include the debut of the Somerset brand in Binh Duong province with Somerset Maison Asoke City Binh Duong and Somerset Feliz Udon Thani in Thu Dau Mot City. Ascott also expands in Ho Chi Minh City with the Citadines brand, adding Citadines Marina Ha Long, and further solidifying its presence in Hanoi with additional Somerset Serviced Residence properties.

These new properties cater to the growing demand for extended-stay accommodation from both business and leisure travelers in Vietnam. With Vietnam’s robust economic growth, increasing foreign direct investment, and thriving tourism sector, the demand for quality lodging options is on the rise. Ascott is strategically positioning itself to capitalize on this growth, offering a range of serviced apartments and hotels designed to meet the diverse needs of modern travelers. The expansion includes a mix of new builds and conversions, reflecting Ascott’s flexibility and adaptability in responding to market opportunities. The company plans to introduce its lyf brand in the future.

The move is part of Ascott’s broader global expansion strategy, focused on key markets with strong growth potential. By leveraging its established brand reputation, operational expertise, and extensive network, Ascott is confident in its ability to deliver exceptional guest experiences and drive long-term value for its stakeholders in Vietnam. These properties will offer the reliable service and amenities expected from the Ascott brand along with appealing lifestyle options. These ventures are slated to open from 2024 onwards. This expansion not only strengthens Ascott’s market leadership but also contributes to the development of Vietnam’s hospitality sector, providing employment opportunities and boosting local economies.

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