Ascott Limited has significantly expanded its Vietnam footprint with the signing of management agreements for nine new properties during the first half of 2026. The deals add more than 3,200 units to the company's portfolio, representing a 30% increase and bringing its total in the country to approximately 12,000 units across 42 properties in 14 cities. The new properties are scheduled to open progressively from 2028.
The expansion strengthens Ascott's presence in key urban hubs such as Hanoi and Ho Chi Minh City, while also extending its reach to coastal destinations including Da Nang, Phu Quoc, and Quy Nhon. This move comes as Vietnam's tourism sector continues to surge, with the country recording 21.2 million international arrivals in 2025 and sustained growth into 2026.
Flex-hybrid model and strategic partnerships
Kevin Goh, Chief Executive Officer of Ascott, highlighted Vietnam's dynamic hospitality market, stating, “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.” The new signings include partnerships with Sun Group and other new owners, and introduce The Crest Collection brand to Vietnam for the first time.
Serena Lim, Chief Growth Officer, noted the rapid development of Vietnam's hotel pipeline, particularly in Hanoi and Ho Chi Minh City. She emphasised Ascott's strong track record in extended stays as a key differentiator in a competitive market. With active discussions ongoing, Ascott anticipates continued signing momentum in the latter half of the year.
The expansion reflects Ascott's commitment to leveraging Vietnam's growing travel demand and investment opportunities. By positioning itself as a leader in serviced residences and extended stays, the company is also tapping into the leisure and luxury segments, which are seeing increased interest from both domestic and international travellers.
Vietnam's hospitality sector has been attracting significant attention from global operators. The country's improving infrastructure, growing middle class, and favourable tourism policies are driving investment. Ascott's move aligns with broader industry trends, as seen in recent developments such as La Festa Phu Quoc's upcoming Ferragosto festival and Vietnam Airlines' fleet expansion.
The company's asset-light strategy, which focuses on management contracts and franchising, allows it to scale rapidly without heavy capital expenditure. This approach has proven effective in emerging markets like Vietnam, where demand for quality accommodation is outpacing supply in certain segments.
Ascott's portfolio in Vietnam now spans a range of brands, from its flagship Ascott residences to the upscale Somerset and Citadines brands, as well as the newly introduced Crest Collection. This diversity enables the company to cater to different traveller profiles, from long-stay corporate clients to leisure tourists seeking premium experiences.
The signings also underscore the growing importance of secondary cities and coastal resorts in Vietnam's tourism landscape. Destinations like Quy Nhon and Phu Quoc are becoming increasingly popular, offering pristine beaches and unique cultural experiences. Ascott's early entry into these markets positions it to capitalise on their growth potential.
Industry analysts view Ascott's expansion as a positive indicator for Vietnam's hospitality sector. The country's ability to attract international investment and its robust tourism recovery are key factors driving confidence. As more global brands enter the market, competition is expected to intensify, but Ascott's established presence and operational expertise give it a competitive edge.
Looking ahead, Ascott plans to continue its aggressive expansion in Vietnam and other key Asian markets. The company's focus on flex-hybrid models and extended stays aligns with evolving traveller preferences, which increasingly favour flexibility and longer durations. With a strong pipeline of signings, Ascott is well-positioned to maintain its leadership in the serviced residence segment.
