Marriott International has agreed with Masterise Homes, a real estate firm based in Vietnam, to develop a dual-branded residential and officetel project in Ho Chi Minh City.
The project will include branded units from two Marriott International brands – JW Marriott and Marriott Hotels.
It will feature 4,200 residential and officetel units and is anticipated to open in late 2024.
The dual-branded development marks the world’s largest hotel-branded residential project announced until date, according to Savills International Development Consultancy.
Marriott International Asia Pacific chief development officer Paul Foskey said: “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.
“The signing underscores the strong appeal of the branded residences segment, especially within the Asia Pacific region.”
Each private retreat will provide a wide range of facilities, including amenities and on-demand services similar to a quality hotel.
The officetel units will be designed to resemble residential units. They will offer the benefits of dual functionality of both commercial and residential components.
The dual-branded development will form a key part of an integrated mixed-use project, which is set to feature residential, offices and commercial units.
Masterise Homes deputy managing director and chief financial officer Jason Turnbull said: “Masterise Homes has developed renowned properties in Vietnam for over 13 years and solidified its position as an industry leader with its focus on building a real estate ecosystem with premier international standards.
“Marriott International’s commitment to operational excellence will help bring world-class standards to residents of this dynamic new project.”
Ho Chi Minh City (Saigon) skyline at night in District 1, Vietnam. (Credit:Jim/Wikipedia)