Somerset Cam Ranh Bay is Ascott’s first serviced residence in Cam Ranh City.
The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts.
The properties in these two cities of Vietnam, according to the Singapore’s lodging owner-operator, will include 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.
Nestled in the heart of Hoi An Beach Ecotourism Area, Citadines Pearl Hoi An is Ascott’s first property in Hoi An. The property targets the leisure segment, offering 582 units comprising hotel rooms, studio, and one- to three-bedroom serviced apartments. It also has a retail component with over 120 outlets as well as a cinema.
Somerset Cam Ranh Bay, meanwhile, 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.
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.
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. Guests of both properties will get to enjoy facilities such as a Santorini themed park, gymnasium, ballroom, meeting rooms, restaurants, and swimming pools. Surrounded by an array of retail, dining and entertainment outlets, the properties are close to the CBD and a five-minute drive to Cam Ranh Airport.
“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,” said Kevin Goh, CEO of Ascott.
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.
By 2022, global lodging sales are forecast to reach $812 billion, with Asia Pacific remaining the second largest market. International tourist arrivals continue to be driven by stronger economic growth, more affordable air travel and a better visa regime.
With these new properties, Ascott has made its way to six new cities across Asia Pacific, Central Asia and Africa. Apart from Cam Ranh and Hoi An in Vietnam, it has now forayed into Atyrau in Kazakhstan, Nairobi in Kenya, Yokohama in Japan, and Seongnam in South Korea.
