Singapore-headquartered hospitality company Ascott has signed a management agreement with Steel Industry Material Joint Stock Company (SIMCO) Group for Ascott West Hanoi in Vietnam.
To be located in western Hanoi, the property is scheduled to open in the first quarter of 2030.
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The agreement marks the first collaboration between Ascott and SIMCO Group. The project also supports Ascott’s expansion in the city while enabling SIMCO to enter the luxury hospitality market.
SIMCO Board of Directors’ chairwoman Madame Nguyen Thi Thanh Thuy said: “This strategic partnership not only underscores SIMCO’s strong vision and capabilities, but also reflects our commitment to delivering exceptional living experiences for our customers.
“We firmly believe that Ascott West Hanoi will contribute to further enhancing Hanoi’s position as a leading cultural and economic destination in the region.”
Ascott West Hanoi will have 220 apartments, including one- to four-bedroom units. The property will include dining options, a club lounge, and meeting and event facilities.
Its leisure amenities will include swimming pools, a kids’ club, gym, spa, and a 3D golf simulator room.
Ascott said the property will cater to short-stay and extended-stay guests.
Following the agreement, Ascott has 43 operational and pipeline properties in Vietnam, comprising more than 12,000 units.
The Ascott Limited Indochina regional general manager David Cumming said: “Vietnam remains one of Ascott’s most dynamic markets, and our more than 30 years of experience here has given us a deep understanding of the local market and strong relationships with our partners.
“The signing of Ascott West Hanoi reflects our continued commitment to growing alongside Vietnam and expanding our flagship brand in key economic gateways.
“Together with SIMCO Group, we look forward to delivering a quality development that sets a new standard for hybrid hospitality and executive living in Hanoi’s thriving western district.”
Last month, Ascott opened lyf Chinatown Singapore, its fifth lyf property in the country.
