Ascott ramps up Vietnam push, taps Mice and resorts in Southeast Asia
Hanoi's largest pillarless hotel grand ballroom, at Ascott Tay Ho Hanoi, which is set to establish its credentials in Vietnam's fast-growing meetings and events market. (Image: Ascott)
Vietnam has long been part of The Ascott Limited’s Southeast Asia story, but the pace and scale of what the Singapore-headquartered hospitality company is now committing to the country is accelerating.
With Vietnamese tourism authorities targeting 25 million international visitors this year and its hospitality market forecast to outpace regional peers in growth through 2030, Ascott is stepping up the pipeline in the country across serviced residences, hotels and resorts.
An ambitious part of that push is in meetings, incentives, conferences and exhibitions (Mice) — in particular with the company’s largest full-service Mice hotel globally taking shape in the capital, Hanoi.
The backdrop is a record year of new signings in 2025, as Ascott added more than 7,300 units in Southeast Asia. That is a 55% increase from the 4,700 units signed the year before and its strongest signing performance in the region to date.
The momentum reflects asset owners' confidence in its brands, its largely asset-light approach and its flex-hybrid model, which allows properties to serve both short-stay and long-stay guests from a single operational framework, Ascott said.
From left: Tan Bee Leng, chief commercial officer; Serena Lim, chief growth officer; Kevin Goh, CEO; Wong Kar Ling, chief strategy officer and managing director, Southeast Asia, at Ascott’s recent media briefing session held in Vietnam. (Image: Ascott)
The lodging business unit of CapitaLand Investment now operates over 200 properties across Southeast Asia. Its regional pipeline of about 150 more properties extends across numerous markets, brands and lodging types including social living and branded residences. Among these, more than 25 openings are slated within the next 12 months.
Wong Kar Ling, Ascott’s chief strategy officer and managing director for Southeast Asia, described Southeast Asia as one of the most dynamic hospitality markets in the world.
"A big part of that is anchored in rising wealth, a huge domestic market and connectivity, and we’re also starting to see a lot more intra-regional travel," Wong added.
Serena Lim, Ascott's chief growth officer, noted that the company's expansion is "intentional and owner-led", anchored by long-term partnerships with asset owners who value the flex-hybrid model and its ability to deliver resilient outcomes.
Rising demand puts Vietnam in focus
Key to that expansion is Vietnam. International arrivals to the country reached nearly 21.7 million in 2025, up 20% y-o-y and the highest on record. In the first quarter of 2026, arrivals were already running about 12% above the same period last year.
At a media briefing in Hanoi, Ascott chief executive Kevin Goh highlighted that underlying demand across the country's hospitality market is increasing, with occupancies and average daily rates in destinations such as Phu Quoc island climbing to levels now approaching those in Phuket, Thailand.
Moreover, the improving road and transport infrastructure to previously hard-to-reach destinations is broadening the market further.
Corporate demand in particular has been building steadily, driven in part by the China-plus-one strategy, whereby companies diversify their manufacturing, sourcing or warehousing beyond China by adding at least one other country to their supply chain.
At Ascott's properties in Vietnam, corporate guests are largely from international companies, particularly from Japan, South Korea and the US. Goh noted that more and more businesses are expanding their capabilities in Vietnam, and this appears to be in line with the China-plus-one approach.
David Cumming, Ascott's regional general manager for Indochina, pointed to Vietnam's geographic and cultural diversity as another draw.
From the distinct neighbourhoods within Hanoi alone — the Old Quarter, the emerging West Hanoi CBD and the West Lake area — to coastal cities such as Da Nang, Cam Ranh, Hue and Nha Trang, and further south to the Mekong Delta, each location can lend itself to a different brand.
A co-living lyf property, for example, could work in many of those areas, while a Somerset or Oakwood would suit others, Cumming said. Ascott also recently signed a management contract for a Citadines property in Can Tho in the Mekong Delta region.
"The whole country is really opening up to many of our brands. It's just about us finding the right asset owners and the right locations to bring more of these brands to life and align them with the booming economy here," Cumming added.
Lim likewise described Vietnam as exciting and reckoned it could offer a wide variety of experiences for different travellers.
From a growth perspective, Ascott will continue to introduce more brands in the country. "We hope to bring our breadth of brands in, both in the city locations and also in the resort locations," she said.
Slated to open next year, the Citadines Selavia Phu Quoc resort will feature a ballroom for about 500 guests and may welcome a delegation from the Apec summit. (Image: Ascott)
Mice: Tapping a 'huge opportunity'
One of its biggest endeavours in Vietnam is Ascott Tay Ho Hanoi — a 1,165-room integrated development on the shores of West Lake that will be the company’s biggest full-service Mice hotel and the largest integrated Ascott complex worldwide when it fully opens in 2027.
The aim is to position the development as a landmark integrated events and hospitality destination. Its international convention centre, which is already operational, features Hanoi's largest pillarless hotel grand ballroom with capacity for up to 2,000 guests, as well as 12 other flexible event spaces.
Alongside 389 hotel rooms and 776 serviced apartments, the property will also house premium wellness facilities including a spa, an onsen area, three gyms, indoor and outdoor swimming pools, yoga rooms, 10 restaurants and a sky bar overlooking the lake.
The debut of Ascott Tay Ho Hanoi comes as Vietnam's Mice industry is projected to grow from US$7.79 billion ($9.9 billion) last year to US$10.75 billion by 2030, and Hanoi has designated Mice tourism as a strategic priority.
A lobby lounge at Ascott Tay Ho Hanoi, which will be the company's biggest full-service Mice hotel across its global portfolio. (Image: Ascott)
Vietnam previously lacked dedicated Mice venues of sufficient scale, leaving demand largely unmet. Cumming has observed large companies from Singapore and Malaysia — key sources of Mice demand in Southeast Asia — actively looking for alternatives to established Mice destinations and facilities.
He thus noted the "huge opportunity" from Ascott's collaboration with real estate developer Sun Group, which owns Ascott Tay Ho Hanoi and the sprawling nine-tower complex where the property sits.
"Companies in Singapore and Malaysia will be desperate to try new venues and new cities and bring their people here to Vietnam," Cumming remarked. Demand from other countries would likely grow as well, particularly as improved airline connectivity into cities like Hanoi, Phu Quoc and Ho Chi Minh City continues to open up Vietnam to a broader pool of event organisers and attendees.
Ascott is positioning its pipeline properties across the country to capture that growth.
Its upcoming resort Citadines Selavia Phu Quoc, targeted to open in 2027, will include a ballroom for around 500 guests. Its launch is being timed with an eye on Phu Quoc’s hosting of the Asia-Pacific Economic Cooperation (Apec) summit in November that same year. The asset owner is planning for an Apec delegation to stay at the property, and Cumming said the project is progressing on schedule.
In Cam Ranh, an all-in-one resort under the Harris brand will open progressively from the fourth quarter of 2026 and include dedicated meeting spaces for about 300 to 400 people.
"When we’re looking at many of these destinations, we look at not only leisure or corporate travel, but also Mice [potential]," Cumming said.
Operational properties in Vietnam that already have Mice facilities include Citadines Bayfront Nha Trang, Citadines Marina Halong, Oakwood Ha Long and Oakwood Residence Saigon, with maximum capacities ranging from 75 to 300 per venue.
Lasong Hotel & Villas Sam Son by The Unlimited Collection is a newly opened wellness resort on the northern coast of Vietnam. (Image: Ascott)
Resorts as a growing focus in Southeast Asia
On the resort front, Ascott is expanding its presence in Vietnam with four properties opening between 2026 and 2028.
Lasong Hotel & Villas Sam Son by The Unlimited Collection fully opens in late April 2026. The wellness resort on the northern coast has 68 boutique hotel rooms, 20 private-pool villas and the newest 190-room Sky Vista tower. The tower is anchored by an authentic jjimjilbang (a traditional Korean bathhouse), a four-season pool, plant-based dining and a full spa.
At Harris Resort Cam Ranh, besides its meeting spaces, the property will house 693 units, a beach club, recreational facilities and specialty dining. Located on Long Beach in Cam Ranh, one of Vietnam's fastest-growing leisure and aviation hubs, the resort is designed for families and leisure travellers.
Citadines Selavia Phu Quoc will follow in 2027, while Somerset Nha Trang is expected to debut in 2028.
Ascott’s resort push also extends to the rest of the region. "We are particularly excited about our upcoming resort openings… which will meaningfully expand our leisure offerings and open up new destinations for Ascott Star Rewards (ASR) members to explore and enjoy their rewards," said Wong.
In Indonesia, two properties — lyf Resort Labuan Bajo, as well as Oakwood Jimbaran Villas and Residences Bali — are slated to open in 2027, while Oakwood Premier Berawa Beach Bali follows in 2028.
Thailand will see the debut of Ascott Abov Patong Phuket Resort in 2027, featuring both hotels and serviced residences in one complex. The Philippines pipeline includes Balai Dajao by Preference in Siargao the same year, followed by Citadines Mactan Cebu Resort in 2028.
In Malaysia, Ascott Batu Ferringhi Penang is expected by 2028.
Resort properties now represent one of the most significant areas of growth in the company's Southeast Asia pipeline, complementing its established urban portfolio and broadening its exposure to leisure travel demand across the region.
In Thailand, Ascott Abov Patong Phuket Resort will be rolled out in 2027, featuring both hotels and serviced residences. (Image: Ascott)
Conversions pick up pace as selectivity holds
About 30% of the development pipeline in Southeast Asia — for properties estimated to open from 2026 to 2028 — will be delivered through conversions and brownfield developments.
Ascott has increased its conversion signings over the years. Lim said this route is becoming increasingly attractive to asset owners across the region in part because conversions bring properties to market more quickly than greenfield builds, and existing hotels tend to sit in better locations.
Rising construction costs are also making the economics of repurposing existing stock more compelling, she added.
Another factor is the pace of change in emerging markets, which can become popular travel destinations for certain segments very quickly. Lim said: "So, owners at some existing properties start to think, 'What do I need to do to reposition this asset? What more can I do to increase value?’ Or, "I'm going through the next stage of the project's capex life cycle. What should I do with this?'"
That opens up many different conversion possibilities and capabilities for Ascott, she noted. Past projects have included adaptive reuse of office buildings into hotels or serviced apartments.
Asset owners in the region also feel comfortable dealing with an Asian operator, as this is Ascott’s "home ground, where our brands are very familiar", Lim added.
Notable examples in the current pipeline include three Bayview-branded properties owned by Oriental Holdings in Penang and Langkawi. These will be rebranded as Ascott Batu Ferringhi Penang, Oakwood Georgetown Penang and Fox Hotel Langkawai by 2028.
Conversion projects expected to open within about one year of signing include Citadines Mitra Bandung, Oakwood Pandanaran Semarang and Fox Hotel Nagoya Batam.
Fox Hotel Nagoya Batam, a conversion project. Often, emerging markets can quickly become popular travel destinations, prompting asset owners to think about repositioning their properties. (Image: Ascott)
Ascott has had conversion projects in various Southeast Asian markets. Volume-wise, Indonesia comes out tops, as it is the company's biggest market in the region.
In Singapore, operational properties that were converted include The Robertson House by The Crest Collection, formerly Riverside Hotel Robertson Quay; and Oakwood Bencoolen Singapore, previously 30 Bencoolen. In Malaysia, examples are Ascott Gurney Penang, formerly The Gurney Resort Hotel and Residences; and lyf Georgetown Penang, which was an automotive hub and involved creative adaptive reuse.
Meanwhile, greenfield projects give Ascott the opportunity to design from the ground up for a specific market and "do something revolutionary", Lim said.
"For example, with Ascott Tay Ho Hanoi, we could really come in and fully describe and articulate what we feel is important in this location for the community, to get our guests in and for owner returns," she added.
Be it newbuilds or conversions, the company takes a selective approach to growth across all development routes as it focuses on identifying the right locations, projects and partners.
Each project involves discussion with the owner to align interests and determine the most suitable brand and typology for the asset. Ascott may advise on how best to position the property to drive performance and guest demand while fitting into its wider ecosystem.
"We are very careful in choosing these opportunities… We want the most optimal brand to be on the property, to ensure we can get our guests to come in and ensure that we continue to grow the ASR loyalty programme and find places for our guests to earn their points," Lim said.
At the same time, Ascott continues to extend its loyalty proposition beyond stays to curated experiences. It held its fourth edition of The Famous CFC, Chelsea Football Club’s fan engagement programme, at three Vietnam properties: Ascott Tay Ho Hanoi, Oakwood Residence Hanoi and Somerset West Point Hanoi.
Drawing more than 300 fans and ASR members, the event also marked the debut of the international convention centre at Ascott Tay Ho Hanoi.
An electrifying atmosphere filled the Ho Tay Ballroom as Chelsea fans and Ascott Star Rewards members celebrated their favourite club with Chelsea legend Jimmy Floyd Hasselbaink (middle). (Image: Ascott)
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