Project would add close to 4,200 residential and officetel units in Vietnam, positioned to meet the increasing demand for distinct premium lifestyle offerings
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, office 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 the dual functionality of both commercials as well as residential components.
“Masterise Homes has developed renowned properties in Vietnam for over six 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.
Note on forward-looking statements: This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including expected project openings, demand trends for certain product types and in certain markets, and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the location and extent of resurgences of the virus and the availability of effective treatments or vaccines; its short and longer-term impact on the demand for travel, transient and group business, branded residential offerings, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting or banning travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of COVID-19’s impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides or effective treatments or vaccines become available; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees take to reduce operating costs and/or enhance certain health and cleanliness protocols at our properties; the impacts of our employee furloughs and reduced work week schedules implemented during portions of 2020, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance growth and refurbishment. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release, and undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,500 properties under 30 leading brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy™, its highly-awarded travel program.