Ascott Limited Partners with Sun Group on Four New Ho Chi Minh City and Phu Quoc Projects, Expanding Luxury Hospitality and Vietnam Tourism Growth

Ascott Limited, which is the wholly-owned hospitality arm of CapitaLand Investment Corporation (CLI), has further strengthened their relationship with the Sun Group via four hospitality projects in Ho Chi Minh City and Phu Quoc. The new partnership is an important milestone for Ascott in their journey towards growth and success, ensuring that their presence in important gateway cities and leisure locations within Vietnam is secured. With these new ventures, Ascott will have 40 properties comprising 10,100+ units in Vietnam, making it well-placed to provide various types of hospitality solutions within the country.

The Crest Collection Debuts in Ho Chi Minh City

Scheduled to open in 2028, the first Crest Collection property in Southern Vietnam will feature 146 keys and serve as a flagship for luxury serviced residences in Ho Chi Minh City. Located within the city’s premier commercial, hospitality, and lifestyle district, the property is within walking distance of Nguyen Hue Walking Street, Saigon Opera House, and Ben Thanh Market, offering convenient access to luxury retail, high-end dining, and Grade A office towers.

The Crest Collection brand is designed to provide bespoke, immersive experiences, targeting business travelers, affluent leisure guests, diplomatic visitors, and long-stay residents. On-site amenities include an all-day dining restaurant, café bar, reading room, executive lounge, and fitness center, setting new benchmarks for luxury hospitality in Southern Vietnam. Its strategic positioning reinforces the region as a gateway for high-value domestic and international travelers, establishing Ho Chi Minh City as a premier destination for upscale hospitality investment.

Multi-Brand Integrated Development in Phu Quoc

The Phu Quoc Hillside Development, opening in 2028, introduces three hospitality brands under Ascott: lyf, Ascott, and HARRIS, in a large-scale integrated resort in Sunset Town, An Thoi Ward. Situated within the Ong Quan Mountain precinct, the development provides proximity to Bai Kem Beach, Sun World Hon Thom, Phu Quoc International Airport, and the expanding Sunset Town and Harbour District, ensuring strong tourism connectivity and accessibility.

• lyf (573 keys): Designed for next-generation travelers, lyf emphasizes social living, community engagement, and experiential stays, featuring co-working spaces, entertainment zones, pools, and communal lifestyle amenities.
• Ascott (573 keys): Represents premium serviced residences, with facilities including all-day dining, executive lounge, ballroom, swimming pool, gym, kids’ club, and curated leisure offerings, catering to long-stay residents and upscale leisure guests.
• HARRIS (441 keys): Focused on family and leisure travelers, offering indoor/outdoor recreation, swimming pools, kids’ clubs, and interactive activities that combine fun, relaxation, and social engagement.

This integrated approach allows the development to capture diversified demand from luxury, family, long-stay, and event-based markets, positioning Phu Quoc as a leading integrated tourism hub in Vietnam.

Strategic Significance for Vietnam’s Hospitality Market

The partnership between Ascott and Sun Group is strategically aligned with Vietnam’s growing international tourism profile. Ho Chi Minh City serves as a vibrant commercial gateway, while Phu Quoc is a fast-rising global leisure destination, attracting both regional and international travelers. By introducing diversified concepts—luxury serviced residences, social living, and family-oriented resorts—Ascott is expanding the spectrum of hospitality offerings, enhancing destination competitiveness, and reinforcing Vietnam’s position on the global tourism map.

Future Hospitality Sector Impact

The signing of these four projects is expected to have a broad and lasting impact on Vietnam’s hospitality and tourism sectors:

• Catalyzing Investment in High-End Hospitality: The developments demonstrate the potential of integrated, multi-brand resorts in driving returns and setting new quality standards. This is likely to encourage future investments by domestic and international operators in both Ho Chi Minh City and Phu Quoc.
• Diversifying Tourism Offerings: By delivering luxury, social-living, and family-oriented experiences, the properties cater to affluent leisure travelers, business visitors, and long-stay residents, enhancing Vietnam’s appeal to premium segments.
• Economic Growth and Employment: The projects will generate jobs across hospitality operations, F&B, wellness, recreation, and event management, while stimulating demand for local suppliers, artisans, and service providers, reinforcing regional economic benefits.
• Elevating Standards of Experiential Hospitality: With curated culinary, wellness, and lifestyle programming, these projects set benchmarks for experience-driven travel, shaping future hospitality designs across Southeast Asia.
• Sustainable Destination Development: Strategically integrating urban and coastal tourism corridors, these projects encourage responsible development, promoting long-term destination competitiveness and environmental sustainability.

The integrated Phu Quoc Hillside Development, in particular, exemplifies multi-dimensional hospitality planning, merging wellness, leisure, social interaction, and luxury accommodations. Its success is likely to influence future resort planning in Vietnam and Southeast Asia, encouraging properties to adopt experience-led and multi-brand approaches to meet the expectations of modern travelers.

Supporting Vietnam’s Global Tourism Growth

These projects are timed strategically to coincide with major international events such as APEC, emphasizing Vietnam’s growing global significance as a tourism and business destination. By offering a comprehensive range of hospitality experiences, Ascott and Sun Group are enabling Vietnam to attract high-net-worth tourists, corporate travelers, and long-stay residents, supporting destination marketing and international exposure.

The projects also demonstrate the evolving role of integrated resorts in stimulating destination-led tourism, where hospitality is combined with retail, cultural, and recreational experiences. This integrated approach is projected to increase visitor spend, extend average lengths of stay, and encourage repeat visitation, fostering sustainable growth in the Vietnamese tourism and hospitality sector.

Shaping the Future of Vietnam’s Hospitality Landscape

The strategic partnership between Ascott Limited and Sun Group represents a milestone in Vietnam’s hospitality development. Through the Crest Collection debut in Ho Chi Minh City and the multi-brand Phu Quoc Hillside Development, both companies are contributing to:

• Luxury hospitality expansion in key gateway and leisure markets
• Diversification of tourism offerings for multiple traveler segments
• Elevated experiential standards in serviced residences, social living, and family resorts
• Long-term economic growth and job creation across regions
• Positioning Vietnam as a globally competitive, high-end tourism destination

These projects underscore the critical role of integrated, destination-focused, and brand-diverse developments in shaping the next generation of Vietnam’s hospitality sector, enhancing both investor confidence and guest experiences while driving sustainable tourism and hospitality growth across the country.

Image Source: Ascott