Ascott signs management contract for Citadines Bayfront Nha Trang

Signing of management contract for Citadines Bayfront Nha Trang building

Citadines Bayfront Nha Trang is located on Tran Phu Street in Nha Trang, a city in one of the most developed tourism and economic centers in the South Central region. Citadines Bayfront Nha Trang will add 280 new apartments to the Ascott-managed building portfolio in Vietnam, bringing the total number of apartments to nearly 3,000 units with 17 buildings spanning Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, Binh Duong and Nha Trang. The contract to manage Citadines Bayfront Nha Trang serviced apartments is assigned to Ascott by the Military Petrochemical Joint Stock Company (MIPEC), a company established in 2003 as a joint venture of 3 companies, namely Van Xuan Import-Export Group - under the Ministry of National Defense, Vietnam Oil and Gas Group and Military Commercial Joint Stock Bank.

Mr. Dao Ngoc Thach, Chairman of the Board of Directors of MIPEC, spoke at the press conference.

Mr. Dao Ngoc Thach, Chairman of the Board of Directors of MIPEC said: “I highly appreciate Ascott’s capacity and reputation and believe that with its extensive experience and synchronous, professional management methods, Ascott will operate the Citadines Bayfront Nha Trang project with the highest efficiency. The signing of this contract is a favorable first step in the cooperation between the two parties, laying the foundation for the development of new, large-scale and strategic projects in the future.”

Mr. Tony Soh, Chief of Ascott Global Office and Head of Sales and Operations in Vietnam

Mr. Tony Soh, Chief of Ascott Global Office and Head of Sales and Operations in Vietnam, said: “Citadines is one of The Ascott Limited’s fastest growing brands. Since taking full ownership of the Citadines Apart' hotel chain in 2004, we have grown the number of Citadines apartments from the first 5,100 units in 18 cities in Europe to over 14,000 units in more than 50 cities in Asia Pacific, Europe and the Gulf region. The impressive growth of the Citadines brand affirms Ascott’s position in providing diverse services, according to the needs of travelers; enabling them to experience their stay according to their individual lifestyle and needs.”

Ascott and MIPEC celebrate the signing ceremony between the two parties

Mr. Soh added: “We see huge growth opportunities in the international standard apartment management industry in Vietnam. In particular, Khanh Hoa has become one of the key tourism hubs in Vietnam with international arrivals increasing by more than 10% for six consecutive years since 2010. Nha Trang, the capital of Khanh Hoa province, has also benefited from the economic growth led by shipbuilding and maritime services. With the government’s plan to complete a new runway for Cam Ranh International Airport and develop the Van Phong Economic Zone by 2020, we expect the demand for high-quality accommodation here to increase, not only for short-term tourists but also for long-term business segments.”

Mr. Mark Chan, General Manager of Ascott in Vietnam, shared: “We are delighted to have the opportunity to cooperate with MIPEC for the first Citadines-branded serviced apartment project in Nha Trang. Nha Trang attracts foreign tourists not only because of its beautiful natural beaches but also because of the bustling atmosphere of a tourist city. With a prominent position on Tran Phu Street, located along Nha Trang’s 7km long crescent beach, we are confident that with its smart design, modern facilities and flexible services, Citadines Bayfront Nha Trang will soon become a favorite accommodation for short- and long-term customers in the city.”

Ascott's two remaining Citadines-branded projects, Citadines Regency Saigon and Citadines Central Binh Duong, will be completed in 2018.

The Thanh