Marriott International has signed an agreement with Vietnam-based real estate firm Masterise Homes to develop a dual-branded residential and officetel project in Ho Chi Minh City, Vietnam.
”According to the Savills International Development Consultancy, the agreement marks the largest hotel-branded residential project announced to date worldwide, with close to 4,200 residential and officetel units,” the company said in a statement.
The project is expected to include branded units from two Marriott International brands, JW Marriott and Marriott Hotels.
“We are delighted to work with Masterise Homes to introduce a premium offering for potential homeowners in Vietnam seeking options affiliated with our globally respected brands,” said Paul Foskey, Chief Development Officer, Asia Pacific for Marriott International.
“The signing underscores the strong appeal of the branded residences segment, especially within the Asia Pacific region,” he added.
Located in the heart of Ho Chi Minh City, the mixed-use complex will include residential, office and commercial units. The project is expected to open in late 2024.
”Each private retreat will offer access to an array of facilities including quality hotel-like amenities and on-demand services. The officetel units are expected to be designed in a similar fashion as the residential units. Officetels have the benefit of dual functionality of both commercial as well as residential components,” said in the statement.