Ascott is taking its serviced-residence model to Vietnam’s coast. Of the 3,247 units in the nine management agreements it signed in the first half of 2026, 71% are in leisure markets: Phu Quoc, Da Nang and Quy Nhon. For owners of resort land, that adds a serviced-residence operator to the usual choice of hotel flags. For owners already trading in those markets, it means more competing supply from 2028.
The Ascott Limited announced the nine deals on 30 July 2026 and called it its fastest pace in Vietnam. It said the deals lifted its Vietnam portfolio by more than 30%, to about 12,000 units across 42 properties in 14 cities. A tenth deal followed on 17 September, when Ascott signed with KDI Group for lyf Nha Trang, with 198 units at KDI’s Alora Nha Trang development. Ascott now counts 44 Vietnam properties and more than 12,200 units, open and pipeline. It has given no opening date for lyf Nha Trang.
Key facts
- Deals: 9 management agreements in 1H 2026, with more than 3,200 units (3,247 across the nine properties listed)
- Leisure vs city: 2,306 units (71%) in Phu Quoc, Da Nang and Quy Nhon, and 941 (29%) in Ho Chi Minh City, Hanoi and Hai Phong
- Owners: 4 deals with Sun Group (1,554 units, 48%) and 5 with owners new to Ascott
- Brands: 7. This is The Crest Collection’s Vietnam debut
- New city: Quy Nhon
- Openings: in stages from 2028
- Portfolio: 16 properties operating in 7 cities and 42 in total in July. That rose to 44 properties and more than 12,200 units after lyf Nha Trang
- Ranking: Ascott says Vietnam is its third-largest pipeline country in Asia
The nine signings
| Property | Brand | City | Market type | Units | Owner |
|---|---|---|---|---|---|
| Harris Phu Quoc | Harris | Phu Quoc | Leisure | 574 | Sun Group |
| Somerset Non Nuoc Da Nang Resort | Somerset | Da Nang | Leisure | 549 | Not disclosed |
| lyf Phu Quoc | lyf | Phu Quoc | Leisure | 441 | Sun Group |
| Ascott Phu Quoc | Ascott | Phu Quoc | Leisure | 385 | Sun Group |
| Citadines Quy Nhon Resort | Citadines | Quy Nhon | Leisure | 357 | Not disclosed |
| Oakwood Thao Dien | Oakwood | Ho Chi Minh City | City | 356 | Not disclosed |
| Citadines Riverside Hai Phong | Citadines | Hai Phong (Thuy Nguyen) | City | 250 | Intertruck Co., Ltd |
| Diamond Crown Westlake by The Crest Collection | The Crest Collection | Hanoi (Tay Ho) | City | 181 | DOJI Group |
| The Crest Collection, Ho Chi Minh City | The Crest Collection | Ho Chi Minh City | City | 154 | Sun Group |
Takeaway: the four Sun Group deals account for 1,554 of the 3,247 units, close to half.
Takeaway: Phu Quoc alone takes 43% of the new units, all of them in Sun Group’s Sunset Town.
The three Phu Quoc properties sit in Sunset Town, Sun Group’s development around Ong Quan Mountain in the south of the island. Phu Quoc hosts the APEC Economic Leaders’ Meeting in November 2027.
What opens sooner
None of the nine opens before 2028. These earlier Ascott projects are due first, according to the company:
| Project | Units | Status, per Ascott |
|---|---|---|
| Ascott Tay Ho Hanoi | 1,165 | Opening in phases from 2027. Its convention centre is already operating |
| Harris Resort Cam Ranh | 693 | Due 1Q 2027 |
| Citadines Selavia Phu Quoc | 369 | Due 3Q 2027 |
Lasong Hotel & Villas Sam Son opened in April 2026.
Ascott linked the expansion to Vietnam’s tourism growth. It cited 21.2 million international arrivals in 2025 and 12.3 million in the first half of 2026, up 15% year on year. It also said it signed more than 7,300 units across South-east Asia in 2025, up 55%, and ranked among the region’s top three operators by signings, citing Horwath HTL.
What it means for owners and developers
1. Serviced-residence brands are now a coastal option
Five of the nine deals are in leisure markets, and two use resort versions of Ascott’s city brands: Somerset Non Nuoc Da Nang Resort and Citadines Quy Nhon Resort. For an owner with a coastal site, that puts a serviced-residence operator alongside the usual resort flags. Our view: it is worth testing, particularly for longer-stay and family demand, but Ascott has published no trading data for these formats in Vietnam.
2. Phu Quoc supply is stacking up
Ascott’s three Sunset Town properties add 1,400 units from 2028, and Citadines Selavia Phu Quoc adds 369 in 3Q 2027. They come on top of Sun Group’s own plan to deliver about 17,400 rooms in Phu Quoc in 2026–27. The island had 26,461 rooms at the end of 2024, according to the Kien Giang Department of Tourism as reported by Nhan Dan. Owners of existing Phu Quoc hotels should model rate and occupancy for the years after APEC 2027, when much of this supply will be open.
3. International operators are signing new domestic owners
Five of the nine owners are new to Ascott. Two are named: DOJI Group in Hanoi and Intertruck Co., Ltd in Hai Phong. Ascott also added Quy Nhon as a new city. For owners outside Ho Chi Minh City, Hanoi and Da Nang, this shows operator appetite reaching secondary markets.
4. Pipeline is not supply
In July Ascott operated 16 of its 42 Vietnam properties, so most of its portfolio count was still pipeline. The nine new deals open from 2028. Lenders and owners benchmarking against Ascott’s portfolio figures should separate operating and pipeline properties.
FAQ
Are these management or franchise deals?
Management agreements, according to Ascott’s 30 July release.
Which owners signed with Ascott?
Sun Group signed four deals, DOJI Group one and Intertruck Co., Ltd one. Ascott did not name the owners of Oakwood Thao Dien, Somerset Non Nuoc Da Nang Resort or Citadines Quy Nhon Resort.
Will any of the nine open in time for APEC 2027?
No. Ascott says the nine open in stages from 2028. Its earlier Phu Quoc project, Citadines Selavia Phu Quoc, is due in 3Q 2027.
How big is Ascott in Vietnam?
44 properties and more than 12,200 units after the lyf Nha Trang signing in September 2026. That includes pipeline. In July Ascott operated 16 properties in seven cities.
Which brands is Ascott bringing to Phu Quoc?
Ascott, lyf and Harris, all in Sunset Town, with 1,400 units between them. Citadines Selavia Phu Quoc is a separate project.
