The Ascott Limited has accelerated its expansion strategy in Vietnam after signing management agreements for nine new hospitality properties during the first half of 2026, marking the company's fastest growth pace in the country to date. Announced on 30 July 2026, the expansion adds more than 3,200 units to Ascott's portfolio and increases its presence in Vietnam by over 30%, bringing its operational and pipeline portfolio to approximately 12,000 units across 42 properties in 14 cities.
The Singapore-headquartered hospitality company, wholly owned by CapitaLand Investment, completed four agreements with its longstanding development partner Sun Group while securing five additional projects with owners partnering with Ascott for the first time. The newly signed properties are scheduled to open progressively from 2028, reinforcing Vietnam as Ascott's third-largest pipeline market in Asia.
The expansion reflects a business development strategy that broadens Ascott's geographical coverage across established commercial hubs, emerging coastal destinations, and new markets while diversifying its brand portfolio. The nine signings span seven hospitality brands, including the introduction of The Crest Collection in Vietnam alongside new properties under Ascott, Citadines, lyf, Oakwood, Somerset, and Harris.
Vietnam's tourism and economic growth provided the backdrop for the expansion. International visitor arrivals reached a record 21.2 million in 2025 before increasing another 15% to 12.3 million during the first half of 2026. Domestic tourism also remained strong, recording 135.5 million trips in 2025 and another 81 million trips during the first six months of 2026.
Infrastructure development has also supported market expansion through new expressways, airport upgrades, and enhanced flight connectivity, improving accessibility to coastal destinations. At the same time, multinational companies implementing China-plus-one supply chain strategies have contributed to rising demand for extended-stay accommodation in industrial and administrative centres. Preparations for the APEC Economic Leaders' Meeting in Phu Quoc in November 2027 have further accelerated infrastructure investment across the island.
Ascott's latest agreements position the company to capture demand across multiple business segments. Four projects strengthen its footprint in Hanoi, Ho Chi Minh City, and Hai Phong, where corporate travel and blended business-leisure travel continue to support extended-stay accommodation. Three additional properties expand the company's presence in Phu Quoc, while new developments in Da Nang and Quy Nhon extend its reach along Vietnam's coastline.
The expansion also marks the market debut of The Crest Collection in Vietnam. The heritage-focused luxury brand will launch properties in both Hanoi and Ho Chi Minh City, introducing a new premium positioning within Ascott's portfolio.
In Hanoi, Diamond Crown Westlake by The Crest Collection will be developed on the Quang An Peninsula with direct frontage overlooking West Lake. The property will feature one- to four-bedroom residences, suites, and duplex units, establishing the brand's first presence in northern Vietnam.
The second Crest Collection property will be located in Ho Chi Minh City's luxury and commercial district near Nguyen Hue Walking Street and the Saigon Opera House, with connectivity through Metro Line 1. The property is designed to serve business travellers, diplomatic visitors, affluent leisure guests, and long-stay residents.
Kevin Goh, Chief Executive Officer of Ascott, said Vietnam continues to represent one of Asia's strongest hospitality growth markets, supported by increasing demand across urban destinations, coastal markets, and multiple traveller segments. He noted that Ascott's flex-hybrid operating model enables the company to support both short- and long-stay accommodation through serviced residences, hotels, resorts, and social living concepts while maintaining an asset-light growth strategy for property owners.
The partnership with Sun Group represents a significant component of the latest expansion. Building on previous collaborations that included Ascott Tay Ho Hanoi and Oakwood Ha Long, the new agreements include three properties within a single integrated development in Sunset Town, Phu Quoc.
The Phu Quoc development will comprise 1,400 units distributed across three brands. An Ascott-branded serviced residence will include 385 units, while a lyf property will add 441 social living units featuring co-working facilities. Harris will contribute a 574-unit family-oriented resort, serving different traveller demographics within the same integrated destination. The development provides access to Bai Kem Beach, Sun World Hon Thom, the Harbour District, and Sun Group's expanding entertainment, retail, and transportation network.
Additional projects further strengthen Ascott's coverage across Vietnam. Citadines Riverside Hai Phong will be developed within the Hoang Huy Green River urban development, offering 250 units ranging from studios to three-bedroom apartments along a landscaped riverside promenade.
Oakwood Thao Dien Ho Chi Minh City will add 356 units within the city's expatriate-focused Thao Dien district, including studios, residences, and penthouses supported by dining and meeting facilities.
Along Vietnam's central coast, Somerset Non Nuoc Da Nang Resort will introduce 549 serviced apartments and villas on Non Nuoc Beach. The development will incorporate a beach club, specialty dining venues, and family-focused facilities while providing access to nearby golf courses and Hoi An Ancient Town.
Ascott also enters Quy Nhon for the first time through Citadines Quy Nhon Resort, a 357-unit beachfront mixed-use development. The project establishes the company in a destination gaining increased attention following infrastructure improvements and rising visitor arrivals.
Serena Lim, Chief Growth Officer of Ascott, said Vietnam's hotel development pipeline is moving rapidly into the construction phase, particularly in Hanoi and Ho Chi Minh City, with property owners currently selecting operating partners. She said Ascott's operating experience in extended-stay hospitality and its multi-brand strategy allow the company to align different accommodation formats with varying development opportunities, while ongoing discussions across several markets are expected to support additional signings during the second half of 2026.
Beyond the new agreements, Ascott continues expanding its operating platform across Vietnam. The company currently operates 16 properties in seven cities, with Lasong Hotel & Villas Sam Son by The Unlimited Collection becoming its most recent opening in April 2026.
Its pipeline also includes the phased opening of Ascott Tay Ho Hanoi from 2027, featuring 1,165 guestrooms and 10 food and beverage concepts. The development's International Convention & Wedding Centre is already operational with 13 event venues, including Hanoi's largest pillarless ballroom, and has hosted the Michelin Guide Vietnam 2026 Ceremony alongside the Vietnam debut of Chelsea Football Club's international fan engagement programme.
Future openings include the 693-unit Harris Resort Cam Ranh in the first quarter of 2027 and the 369-unit Citadines Selavia Phu Quoc during the third quarter of the same year. The Phu Quoc property will feature an onsen spa and a ballroom accommodating approximately 500 guests, supporting hospitality demand ahead of the APEC Economic Leaders' Meeting.
David Cumming, Regional General Manager for Indochina at Ascott, said the company has evolved over more than three decades in Vietnam from an investor into an asset-light hospitality operator supported by local operational expertise. He said Ascott's current focus is delivering its growing pipeline through scheduled openings while operating properties that meet owner performance objectives.
The Vietnam expansion also builds on Ascott's broader regional growth strategy. During 2025, the company signed more than 7,300 units across Southeast Asia, representing a 55% increase compared with 2024. According to Horwath HTL, that performance placed Ascott among the region's three largest hospitality companies by new signings during the year.