Ascott accelerates Vietnam growth

Ascott has signed management agreements for nine properties totalling more than 3,200 units in Vietnam in the first half of 2026, marking its fastest pace of growth in the country to date.

The additions expand Ascott’s Vietnam portfolio by more than 30 per cent to about 12,000 units across 42 operational and pipeline properties in 14 cities. Vietnam is now Ascott’s third-largest country by pipeline in Asia, with the newly signed properties opening progressively from 2028.

Four projects are with longstanding partner Sun Group, while five involve owners new to Ascott.

The signings deepen Ascott’s presence in Hanoi, Ho Chi Minh City and Hai Phong, add three properties in Phu Quoc and one in Danang, and mark its entry into Quy Nhon.

The nine properties span the Ascott, Citadines, lyf, Oakwood, Somerset, Harris and The Crest Collection brands. They also mark the Vietnam debut of The Crest Collection, with properties in Hanoi and Ho Chi Minh City.

Three Sun Group projects, totalling 1,400 units, will form part of an integrated development in Sunset Town, Phu Quoc, under the Ascott, lyf and Harris brands. A fourth will bring The Crest Collection to Ho Chi Minh City.

In Hanoi, DOJI Group will develop the 181-unit Diamond Crown Westlake by The Crest Collection. Other projects include the 250-unit Citadines Riverside Hai Phong, a 356-unit Oakwood property in Ho Chi Minh City, the 549-unit Somerset Non Nuoc Da Nang Resort and 357-unit Citadines Quy Nhon Resort.

Ascott currently operates 16 properties across seven cities in Vietnam. Upcoming openings include the 693-unit Harris Resort Cam Ranh in 1Q2027 and 369-unit Citadines Selavia Phu Quoc in 3Q2027, ahead of the APEC Economic Leaders’ Meeting in Phu Quoc that November.

Kevin Goh, CEO of Ascott, said: “Vietnam is one of the most exciting hospitality growth stories in Asia. Property owners value that our platform can serve both long and short stays, and operate formats as diverse as serviced residences, hotels, resorts and social living properties.

“With these new signings, we are reinforcing our leadership in serviced residences and extended stay while extending into the leisure destinations and luxury segments where new demand is taking shape.”