Ascott signs management contract for Citadines Bayfront Nha Trang

Signing of the building management contract for Citadines Bayfront Nha Trang.

Citadines Bayfront Nha Trang is located on Tran Phu Street in Nha Trang, a city that is one of the leading tourism and economic growth centers in the South Central region of Vietnam. Citadines Bayfront Nha Trang will add 280 new apartments to Ascott's portfolio of buildings managed in Vietnam, bringing the total number of apartments to nearly 3,000 across 17 buildings spanning Hanoi, Hai Phong, Da Nang, Ho Chi Minh City, Binh Duong, and Nha Trang. The management contract for Citadines Bayfront Nha Trang serviced apartments was awarded to Ascott by the Military Petrochemical Joint Stock Company (MIPEC), a company established in 2003 as a joint venture of three companies: 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, speaks at the press conference.

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

Mr. Tony Soh, Global Head of Ascott and Business and Operations Manager in Vietnam.

Tony Soh, Global Head of Ascott and Managing Business and Operations in Vietnam, stated: “Citadines is one of The Ascott Limited’s fastest-growing brands. Since fully acquiring the Citadines Apart' hotel chain in 2004, we have increased the number of Citadines apartments from an initial 5,100 units in 18 cities across Europe to over 14,000 units in more than 50 cities across Asia Pacific, Europe and the Gulf region. The impressive growth of the Citadines brand affirms Ascott’s position in providing diverse services tailored to the needs of travelers, enabling them to experience stays that suit their individual lifestyles and preferences.”

Ascott and MIPEC congratulate each other on the signing ceremony.

Mr. Soh added: “We see tremendous growth opportunities in the international standard apartment management industry in Vietnam. In particular, Khanh Hoa has become one of Vietnam’s key tourism hubs, with international visitor numbers increasing by over 10% for six consecutive years since 2010. Nha Trang, as the capital of Khanh Hoa province, also benefits from the leading economic growth in shipbuilding and maritime services. With the government's plan to complete new flight routes for Cam Ranh International Airport and develop the Van Phong Economic Zone by 2020, we anticipate a significant increase in demand for high-quality accommodation, 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 collaborate with MIPEC on the first Citadines-branded serviced apartment project in Nha Trang. Nha Trang attracts foreign tourists not only with its stunning natural beaches but also with the vibrant atmosphere of a tourist city. With its prominent location on Tran Phu Street, along Nha Trang's 7km crescent-shaped beach, we are confident that with its smart design, modern amenities, and flexible services, Citadines Bayfront Nha Trang will soon become a favorite accommodation choice for both short-term and long-term guests in the city.”

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

The Thanh