The world’s leading hotel brand Marriott International will launch a Ritz-Carlton branded real estate project in Hoan Kiem, Hanoi.
The Ritz-Carlton, Hanoi luxury apartment project, developed by Masterise Homes, is located on the “golden land” in the heart of Hoan Kiem district, along Hang Bai street and near Sword Lake, one of the most popular landmarks. Capital. This is also the only international branded apartment complex in Hanoi up to this point. With a limited number of 104 branded apartments, it will be a high-class and unique “villa” in Hanoi for a few upper-class customers.
“We are delighted to be able to expand Ritz-Carlton’s portfolio in Vietnam, specifically Hanoi, and tap into the growing demand for branded living spaces among the elite in the country’s economy. this rapidly growing economy,” said Gautam Bhandari, Regional Vice President, APEC Regional Development, Marriott International.
With The Ritz-Carlton Residences Hanoi project, Marriott will provide consulting services to Masterise Homes on design and construction to ensure that the branded apartments have quality commensurate with the brand’s standards and are competitive. competitive in the market and bring long-term value to customers. When open for operation, the project will provide Ritz-Carlton management services.
It is expected that The Ritz-Carlton luxury apartment complex in Hanoi will open by the end of 2023 and is the brand’s 5th luxury real estate project in the Asia-Pacific region, after projects projects in Singapore, Kuala Lumpur, Colombo and Bangkok.
Ritz-Carlton is a brand with more than 100 years of history, born under the founder of the king of the hotel industry Cesar Ritz. A brand dedicated to serving emperors, recognized worldwide as the gold standard of the resort industry with its legendary service.
Illustration of the Ritz-Carlton luxury apartment project, Hanoi.
Before Ritz-Carlton’s branded real estate projects were born, the image of celebrities who lived for a long time at the Ritz Paris and London hotels, became a symbol of the pinnacle of luxury living globally.
The branded real estate model was born in the 20s of the last century, after the Sherry-Netherland hotel in Manhattan was built from the cooperation of a real estate developer and a famous hotel brand. .
After nearly 100 years, the model has expanded from the US to many countries and territories around the world, including Asia. The number of luxury real estate projects in this area has increased sharply in the past few years, now accounting for more than a third of the global supply of luxury apartments. The area currently has about 79 projects in the formative phase, expected to provide the market with 16,130 apartments by 2025, Bloomberg cited data from C9 Hotelworks, an organization providing consulting services for hotel development, Branded real estate in Asia. In which, Thailand and Vietnam are the two leading potential markets.
The potential of branded real estate in Vietnam
Bloomberg news agency evaluates Vietnam as a hot spot for luxury real estate development. As for Marriott International – the world leader in this segment, although it just entered the Vietnamese market in January, the group has a plan for a second branded apartment project, associated with the brand. Ritz-Carlton.
In early 2021, Marriott International also announced the first luxury real estate project in Vietnam named Grand Marina, Saigon in District 1, Ho Chi Minh City.
According to analysts, owning a luxury apartment is considered a “manifesto” affirming the wealth and class of the owner. This is one of the reasons to attract customers to buy luxury real estate, besides the purpose of living and investing purely. The size of the rich and super-rich population in Vietnam has grown rapidly over the past five years, with the number of people with a net worth of more than $1 million and over $30 million increasing by 26% and 108%, respectively, according to Knight Frank. .
This growth comes from the growth rate of Vietnam’s economy. Since 2019, Bloomberg has written that Vietnam is one of the fastest growing economies in the world, with an average growth rate of over 6% for 20 consecutive years. This news agency believes that this is the potential of the high-end real estate market in Vietnam.
Similarly, the South China Morning Post also said that the real estate sector in Vietnam is increasingly favored by international investors because of the speed of economic development and the US-based hotel operator, Marriott International, is making forays into the luxury real estate segment in Vietnam.
