Marriott International has announced an 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. Located in the heart of the city, each of the individual properties in the dual-branded project will offer access to an array of facilities, including 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.
Evolving lifestyle changes, according to Marriott, 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.
Marriott International, Inc. is based in Bethesda, MD, and has a portfolio of more than 7,500 properties under 30 brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company also offers Marriott Bonvoy, its travel rewards program.