Published on : Tuesday, January 12, 2021
Marriott International has recently signed an agreement with Vietnam-based real estate firm Masterise Homes in order to develop a dual-branded residential and office or hotel project in Ho Chi Minh City. According to the Savills International Development Consultancy, the agreement marks the largest hotel-branded residential project announced to date worldwide, with close to 4,200 residential and officetel units.
The project is anticipated to include branded units from two Marriott International brands – JW Marriott and Marriott Hotels. Expected to open in late 2024, the project will play a key part of an integrated mixed-use complex slated to include residential, office and commercial units. Located in the heart of Ho Chi Minh City, the dual-branded project is expected to house Marriott residential, office and hotel units with sophisticated spaces meant to inspire residents and JW Marriott residential and officetel units designed for mindfulness and fostering togetherness with loved ones.
Each private retreat will offer access to an array of facilities including quality hotel-like amenities and on-demand services. The officetel units are expected to be designed in a similar fashion as the residential units. Officetels will have the benefit of dual functionality of both commercial as well as residential components. Paul Foskey, Chief Development Officer, Asia Pacific for Marriott International said in a statement that the company is delighted to work with Masterise Home and to introduce a premium offering for potential homeowners in Vietnam seeking options affiliated with globally respected brands.
He mentioned that the signing underscores the strong appeal of the branded residences segment, especially within the Asia Pacific region and shared that Masterise Homes has developed renowned properties in Vietnam for over six years and solidified its position as an industry leader with its focus on building a real estate ecosystem with premier international standards. He stated that Marriott International’s commitment to operational excellence will help bring world-class standards to residents of the dynamic new project.