The Ascott Limited signs deal to manage Citadines Bayfront Nha Trang.
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a contract from the Military Petrochemical Joint Stock Company (MIPEC) to manage its third Citadines-branded serviced residence in Vietnam - Citadines Bayfront Nha Trang.
“Along with the property’s cleverly-designed spaces, its modern amenities and flexible services make it the preferred accommodation for both leisure travelers and working executives in the city,” said Mr. Mark Chan, Ascott’s Country Manager for Vietnam.
Citadines Bayfront Nha Trang is located in the heart of the prime Tran Phu district in the coastal city. The property will add another 280 apartments to Ascott’s Vietnam portfolio, bringing the total to nearly 3,000 units in 17 properties in Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, Nha Trang, and Binh Duong.
“We appreciate the competence and credibility of Ascott and believe that with their experience and professional, comprehensive management approach they will run Citadines Bayfront Nha Trang Project at the highest efficiency,” said Mr. Dao Ngoc Thach, Chairman of MIPEC. “The signing of the contract is the first step in the cooperation between the two parties in developing strategic projects in the future.”
Citadines is one of Ascott’s fastest growing brands globally. Since it fully acquired the Citadines Apart’ hotel chain in 2014 it has more than doubled its Citadines portfolio from the initial 5,100 apartment units in European cities to more than 14,000 units in over 50 cities across Asia Pacific, Europe and the Gulf region.
“Citadines’ impressive growth as a brand shows its compelling proposition of offering contemporary and stylishly furnished apartments with a flexible menu of services that allows individual travelers to personalize their stay experiences,” said Mr. Tony Soh, Ascott’s Chief Corporate Officer, who oversees the company’s business and operations in Vietnam. “We continue to see significant growth opportunities for our international class serviced residence business in Vietnam.”
The other two Citadines properties - Citadines Regency Saigon and Citadines Central Binh Duong - will be ready in 2018.