The Ascott Limited, a Singapore-based hospitality company owned by CapitaLand Investment (CLI), has signed management agreements for nine properties totalling more than 3,200 units in Vietnam during the first half of 2026, its strongest growth pace in the country to date. Four projects were signed with long-standing partner Sun Group, and five with owners new to the Group. These signings grow Ascott’s Vietnamese portfolio by more than 30%, to approximately 12,000 units across 42 properties in operation or under development, in 14 cities. Vietnam thereby becomes Ascott’s third-largest pipeline market in Asia, with new properties set to open progressively from 2028.
These signings come as Vietnam establishes itself as one of Asia’s most dynamic tourism markets: international arrivals reached a record 21.2 million in 2025, up 15% to 12.3 million in the first half of 2026. Domestic tourism complements this momentum, with 135.5 million internal trips in 2025 and 81 million over the first six months of 2026. The development of new motorways, airport modernisation and expanded air links are opening up new destinations along the coastline, while the APEC Economic Leaders’ Meeting scheduled for Phu Quoc in November 2027 is accelerating infrastructure investment on the island.
Four signings strengthen Ascott’s presence in Hanoi, Ho Chi Minh City and Hai Phong, three are in Phu Quoc ahead of the APEC summit, and one is in Da Nang. The Group is also entering Quy Nhon, an emerging city on the central coast recently named by Tripadvisor among the world’s 25 trending destinations for 2026. These signings also mark the Vietnam debut of The Crest Collection, Ascott’s heritage luxury brand, with one property in Hanoi and one in Ho Chi Minh City. The remaining signings span the Ascott, Citadines, lyf, Oakwood, Somerset and Harris brands.
“Vietnam is one of the most exciting hospitality growth stories in Asia,” said Kevin Goh, Chief Executive Officer of Ascott. “Demand is growing across cities, along the coastline and across all traveller segments, and our flexible hybrid model gives us the versatility to capture it through asset-light growth.”
Serena Lim, Chief Growth Officer of Ascott, noted that Vietnam’s hotel development pipeline is rapidly entering construction, notably in Hanoi and Ho Chi Minh City, and expects the signing momentum to continue into the second half of the year.
The four signings with Sun Group deepen a partnership that began with the Ascott Tay Ho Hanoi. In Phu Quoc, Ascott will manage three properties totalling 1,400 units within a unique integrated development at Sunset Town, in the Ong Quan mountain area, under the Ascott, lyf and Harris brands. The fourth Sun Group signing brings The Crest Collection to Ho Chi Minh City, in the city’s business and luxury district, near Nguyen Hue Walking Street and the Saigon Opera House.
Among the new owners, DOJI Group, one of Vietnam’s five largest private companies, will bring the Diamond Crown Westlake by The Crest Collection to the Tay Ho district in Hanoi, on the Quang An peninsula overlooking West Lake. Intertruck Co., Ltd will develop the Citadines Riverside Hai Phong at the heart of the city’s new administrative centre. In Ho Chi Minh City, an Oakwood property will open in the Thao Dien residential district, while the Somerset Non Nuoc Da Nang Resort and the Citadines Quy Nhon Resort complete the development along the central coast.
Ascott currently operates 16 properties across seven cities in Vietnam, the most recent being the Lasong Hotel & Villas Sam Son by The Unlimited Collection, which opened in April on the north coast. From 2027, the Ascott Tay Ho Hanoi is due to roll out 1,165 rooms and ten dining concepts, including Maison Kayser and Ukai. The Harris Resort Cam Ranh (693 units) is due to open in Q1 2027, followed by the Citadines Selavia Phu Quoc (369 units) in Q3 2027, positioned to host delegations for the APEC summit.
This Vietnamese momentum builds on Ascott’s best-ever year of signings in Southeast Asia, with more than 7,300 units signed across the region in 2025, up 55% on 2024, placing the Group among the top three hotel operators in the region by number of new signings, according to Horwath HTL.
At a Glance
Ascott — Vietnam Signings, 1H 2026
9 management agreements signed, 3,200+ units — portfolio grows 30%+ to ~12,000 units across 42 properties in 14 cities
4 signings with Sun Group (Phu Quoc, Ho Chi Minh City); 5 with new owners (Hanoi, Hai Phong, Ho Chi Minh City, Da Nang, Quy Nhon)
Vietnam debut of The Crest Collection, spanning Hanoi and Ho Chi Minh City
First entry into Quy Nhon; Vietnam now Ascott’s 3rd largest pipeline market in Asia
New properties open progressively from 2028; builds on Ascott’s record 2025 Southeast Asia signings (7,300+ units, +55% YoY)
