SINGAPORE: Hotel and serviced residences operator Far East Hospitality said on Wednesday (Apr 17) it is expanding into Vietnam, with two boutique hotels set to open in Ho Chi Minh City by the end of the year.
The company currently operates 90 hotels and serviced residences in seven countries, including in Australia, Denmark, Germany, Hungary, Malaysia, New Zealand and Singapore. Some of its brands include Oasia, Quincy, Rendezvous, Village and Vibe Hotels.
Its foray into Vietnam comes following a deal with real estate developer Five Elements Development to manage 56-room Le Cong Kieu Hotel and 30-room Ngo Van Nam Hotel.
When completed, the hotels will be a 20-minute drive from Tan Son Nhat International Airport and a 15-minute drive from Saigon Railway Station.
Far East Hospitality will also act as a consultant during the design, planning, and construction stages of the hotels.
“Vietnam is one of the fastest-growing tourism markets in the world with double-digit percentage increases in the country’s international arrivals since 2015," said Far East Hospitality CEO Arthur Kiong, adding that the Vietnam aims to have 20 million foreign visitors by 2020.
"Given the robust growth ahead, we see this partnership with Five Elements as a timely and strategic one to uplift Vietnam’s hospitality industry," Mr Kiong said.