The Ascott Limited (Ascott), the Singapore-headquartered hospitality company wholly owned by CapitaLand Investment (CLI), has strengthened its presence in Vietnam by signing management agreements for nine new properties in the first half of 2026. The latest additions, comprising more than 3,200 units, represent Ascott's fastest expansion in the country to date and increase its Vietnam portfolio by over 30%.

With these signings, Ascott's portfolio in Vietnam now stands at approximately 12,000 units across 42 operational and pipeline properties in 14 cities, making Vietnam its third-largest pipeline market in Asia. The newly signed properties are expected to open progressively from 2028.

The expansion includes four projects with long-term partner Sun Group and five projects with new property owners, reflecting growing confidence in Ascott's asset-light hospitality management model.

Commenting on the expansion, Kevin Goh, Chief Executive Officer, Ascott, said, "Vietnam is one of the most exciting hospitality growth stories in Asia. Demand is rising in the cities, along the coast and across traveller segments, and our flex-hybrid model gives us the versatility to capture it through asset-light growth. 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."

He added that the latest signings strengthen Ascott's leadership in the serviced residence and extended-stay segment while expanding into luxury and leisure destinations.

Expansion Across Key Cities and Emerging Destinations

The new projects strengthen Ascott's footprint in Hanoi, Ho Chi Minh City and Hai Phong, while expanding into coastal leisure destinations including Da Nang, Phu Quoc and Quy Nhon.

A key milestone is the debut of The Crest Collection brand in Vietnam through two properties located in Hanoi and Ho Chi Minh City. The remaining projects span several of Ascott's brands, including Ascott, Citadines, Somerset, Oakwood, lyf and Harris.

Among the notable developments is Diamond Crown Westlake by The Crest Collection in Hanoi, located on the Quang An Peninsula overlooking West Lake. The luxury property will feature one- to four-bedroom residences, suites and duplex units. Another addition, Citadines Riverside Hai Phong, will cater to extended-stay travellers with studios and apartments situated within the Hoang Huy Green River urban development in northern Vietnam.

On the central coast, Somerset Non Nuoc Da Nang Resort will offer serviced apartments and villas along Non Nuoc Beach, while Citadines Quy Nhon Resort marks Ascott's entry into Quy Nhon, an emerging tourism destination gaining popularity due to infrastructure development and increasing visitor arrivals.

Strengthening Partnership with Sun Group

Ascott has further expanded its collaboration with Sun Group by signing four new projects. Three of these developments are located within a single integrated township in Phu Quoc, comprising an Ascott-branded serviced residence, a lyf social living property and a Harris family-friendly resort. Together, they will offer nearly 1,400 units and cater to different traveller segments ahead of the APEC Economic Leaders' Meeting scheduled in Phu Quoc in 2027. The fourth project introduces The Crest Collection to Ho Chi Minh City's central luxury district, targeting business travellers, affluent leisure guests and long-stay residents.

New Partnerships Drive Growth

Ascott has also entered into partnerships with several new property owners across Vietnam. DOJI Group will develop Diamond Crown Westlake by The Crest Collection in Hanoi, while Intertruck Co., Ltd will bring Citadines Riverside Hai Phong to the city's growing administrative district.

Additional projects include Oakwood Thao Dien in Ho Chi Minh City, Somerset Non Nuoc Da Nang Resort and Citadines Quy Nhon Resort, further diversifying Ascott's presence across business, leisure and extended-stay segments.

Commenting on the company's growth strategy, Serena Lim, Chief Growth Officer, Ascott, said, "Vietnam's hotel development pipeline is moving quickly into construction, particularly in Hanoi and Ho Chi Minh City, and owners are selecting their operating partners now. Ascott's operating track record in extended stay is a clear differentiator, while our multi-brand strategy enables us to match the right brand with each opportunity."

She added that Ascott expects the strong signing momentum to continue during the second half of 2026.

Upcoming Openings Strengthen Vietnam Portfolio

Ascott currently operates 16 properties across seven cities in Vietnam and has a strong development pipeline. Upcoming openings include Harris Resort Cam Ranh, scheduled for the first quarter of 2027, followed by Citadines Selavia Phu Quoc in the third quarter of 2027. The company is also preparing for the phased opening of Ascott Tay Ho Hanoi, which will feature 1,165 guestrooms, multiple dining concepts and one of Hanoi's largest convention and wedding centres.

David Cumming, Regional General Manager, Indochina, Ascott, said the company has evolved from being an investor in Vietnam to becoming a leading asset-light hospitality operator.

"We share our local expertise with property owners, enabling us to identify opportunities early and respond quickly. As Vietnam continues its growth journey, Ascott is committed to delivering high-performing properties while expanding our operational capabilities across the country," he said.

The Vietnam expansion follows Ascott's record performance across Southeast Asia, where the company signed more than 7,300 units in 2025, reinforcing its position among the region's leading hospitality operators.