Ascott, Sun Group add four luxury projects in Vietnam

Singapore-based lodging group The Ascott Limited has deepened its partnership with Vietnam’s Sun Group through four new hospitality projects in Ho Chi Minh City and Phu Quoc, a move that strengthens both companies’ positions in luxury and long-stay accommodation while reflecting Vietnam’s fast-rising tourism ambitions.

Four new properties anchor a deeper strategic alliance

Publicly available information shows that Ascott and Sun Group have signed management agreements for four new properties in Vietnam, covering Ho Chi Minh City and the southern island of Phu Quoc. Industry reports indicate that the projects will collectively add close to 1,700 upscale units across hotel rooms, serviced apartments and branded residences, with openings expected from the late 2020s.

The new portfolio spans multiple brands in Ascott’s stable, including a property under The Crest Collection in central Ho Chi Minh City and three developments in Phu Quoc that blend resort-style living with long-stay functionality. Hospitality sector coverage notes that all four are scheduled to come online by around 2028, expanding Ascott’s presence in Vietnam to about 40 properties and more than 10,000 units nationwide.

The agreement builds on a strategic relationship between Ascott and Sun Group that was first formalised several years ago around large-scale mixed-use and serviced residence projects in Hanoi. The latest signings extend that collaboration southward into two of Vietnam’s most dynamic tourism and commercial hubs, positioning both partners to benefit from the country’s growing appeal to international travellers and corporate guests.

For Ascott, the additional projects further entrench its role as one of the largest international serviced residence and hotel operators in Vietnam. For Sun Group, they bring another global hospitality name into its expanding ecosystem of luxury resorts, entertainment complexes and urban developments that seek to differentiate Vietnamese destinations on the regional travel map.

Prestige address in Ho Chi Minh City’s core commercial district

According to development announcements, the Ho Chi Minh City project will introduce The Crest Collection to Vietnam’s largest metropolis, marking the brand’s entry into the local market. Positioned in one of the city’s most established commercial and lifestyle districts, the property is set within walking distance of landmarks such as Nguyen Hue pedestrian boulevard, the Saigon Opera House and Ben Thanh Market, alongside a concentration of luxury hotels, Grade A office towers and high-end retail.

Targeted at affluent leisure travellers, business executives and extended-stay guests, the branded property is expected to offer a mix of suites and serviced apartments coupled with residential-style amenities and personalised services. The concept aligns with a broader trend in Ho Chi Minh City, where demand is rising for centrally located lodging that can serve both short city breaks and longer corporate assignments.

Urban planners and tourism analysts view the development as part of a continuing upmarket shift in the city’s hospitality offering. With metro lines under construction and new office and retail projects reshaping the skyline, the addition of another upper luxury brand in the downtown core is seen as reinforcing Ho Chi Minh City’s position as a gateway for international investors and visitors.

The Ascott–Sun Group collaboration also reflects a wider pattern of Vietnamese developers turning to global operators to brand and manage their prime assets. This approach is intended to raise standards, tap into international distribution networks and appeal to increasingly discerning domestic and foreign travellers.

Multi-brand expansion in Phu Quoc’s Sunset Town

The remaining three projects are planned for Phu Quoc, Vietnam’s largest island and one of the country’s fastest-growing resort destinations. Publicly released details indicate that the properties will be clustered in and around Sunset Town in the south, which Sun Group has been positioning as a master-planned “hotel city” combining accommodation, entertainment, dining and cultural experiences.

Reports on the partnership state that Ascott will manage more than 1,500 keys across several of its brands in this Phu Quoc pipeline, including lifestyle-oriented hotels and long-stay residences. The multi-typology approach is designed to serve a wide spectrum of travellers, from families on beach holidays and experiential tourists to remote workers and corporate guests seeking extended stays.

The developments are located within the Ong Quan Mountain precinct, adjacent to Sun Group’s broader hillside and coastal projects and within easy reach of key island attractions such as Bai Kem Beach, the Hon Thom cable car complex and Sunset Town’s waterfront promenades. This integration with an existing network of attractions is expected to support higher average lengths of stay and increase visitor spending across the destination.

Industry observers note that the Ascott projects will sit alongside a growing roster of international hotel brands already announced or operating in Phu Quoc, including properties under Accor, Marriott International, Hilton and other groups. The clustering of globally managed hotels is gradually transforming the island into one of Southeast Asia’s most competitive luxury resort markets.

Vietnam tourism and connectivity drive hospitality demand

The new signings come at a time when Vietnam is counting on tourism to be a major pillar of economic growth. Government targets call for tens of millions of international arrivals annually in the coming years, supported by expanded visa facilitation, upgraded airports and sustained investment in high-end lodging and entertainment infrastructure.

Phu Quoc in particular has been the focus of a series of connectivity and infrastructure initiatives. Public information from transport and aviation partners points to plans to develop Phu Quoc International Airport into a destination-style facility, ahead of the Asia-Pacific Economic Cooperation (APEC) summit that the island is preparing to host in 2027. Sun Group has also established Sun PhuQuoc Airways and launched new domestic and planned international routes to support visitor flows.

In Ho Chi Minh City, steady business travel, a growing technology and manufacturing base, and rising intra-Asian tourism are sustaining demand for upper-upscale and luxury accommodation. The city’s expanding role as a regional headquarters location and conference venue has added to interest in centrally located hotels and serviced residences with strong meeting and event capabilities.

Against this backdrop, Ascott’s decision to commit additional inventory in both destinations with Sun Group is seen by analysts as a vote of confidence in Vietnam’s long-term tourism fundamentals. The move also aligns with the company’s strategy of deepening its footprint in Southeast Asia’s fastest-growing markets and broadening its mix of traditional serviced residences, lifestyle hotels and resort offerings.

Implications for luxury, long-stay and mixed-use development

Hospitality commentators suggest that the four new projects illustrate how Vietnam’s resort and urban markets are converging around similar themes: luxury positioning, strong local identity and extended-stay flexibility. In Ho Chi Minh City, a heritage-inflected, high-service property in a central business district caters to executives and affluent leisure guests who increasingly expect residential comforts alongside hotel services.

On Phu Quoc, the combination of branded residences, serviced apartments and hotels within large-scale mixed-use schemes is expected to attract both individual travellers and investors. Branded residential units attached to international operators are increasingly marketed to buyers who seek a combination of lifestyle usage and managed rental returns, while also providing a stable room base for destination marketing.

Observers also highlight that partnerships of this type can support workforce development and service quality improvements, as global operators bring training programmes and operating standards that are then diffused across local teams. Over time, this can raise the competitive profile of Vietnamese destinations compared with established resort hubs elsewhere in Asia.

With Ascott and Sun Group now jointly committed to a larger pipeline that spans Hanoi, Ho Chi Minh City and Phu Quoc, market watchers expect further collaborations to follow if demand continues to grow. For Vietnam’s tourism sector, the latest agreements represent another step toward building a diversified, internationally branded hospitality landscape capable of sustaining year-round, higher-yield visitor flows.