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HONG KONG, Jan. 6, 2021 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced a milestone agreement with Vietnam-based real estate firm Masterise Homes to develop a dual-branded residential and officetel project in Ho Chi Minh City. 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 project is anticipated to include branded units from two Marriott International brands – JW Marriott and Marriott Hotels. Expected to open in late 2024, the project will play a key part of an integrated mixed-use complex slated to include residential, offices and commercial units.
"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."
Located in the heart of Ho Chi Minh City, the dual-branded project is expected to house Marriott residential and officetel units with sophisticated spaces meant to inspire residents and JW Marriott residential and officetel units designed for mindfulness and fostering togetherness with loved ones. 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.
"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," said Jason Turnbull, Deputy Managing Director and Chief Financial Officer for Masterise Homes. "Marriott International's commitment to operational excellence will help bring world-class standards to residents of this dynamic new project."
Evolving lifestyle changes have fueled growing interests in mixed-use communities offering easy access to on-demand amenities and services. Branded residences bring both prestige and hotel-like services to enhance lifestyle and recreation all under one roof.
