SINGAPORE (Apr 17): Far East Hospitality, the operator of hotels and serviced residences, announced that it is expanding its regional footprint into Vietnam.
Far East Hospitality, which is a 70-30 joint venture between Far East Orchard and The Straits Trading Company, signed a hotel management and technical services agreement with real estate developer Five Elements Development to manage two boutique hotels – Lê Công Kiều Hotel and Ngô Văn Năm Hotel.
Lê Công Kiều Hotel, a 56-key property, will be located along the Lê Công Kiều street – a well known antique shopping street, while Ngô Văn Năm Hotel, a 30-room property, will be located in the heart of Ho Chi Minh City’s Japan town.
Both hotels are located at District 1 of Ho Chi Minh City. They are within a 20-minute and 15-minute drive from Tan Son Nhat International Airport and Saigon Railway Station respectively.
Under the aggreement, Far East Hospitality’s responsibilities include hotel operations and sales & marketing functions. Far East Hospitality will also act as a consultant during the design, planning, and construction stages of the hotels.
Both hotels are set to open in Ho Chi Minh City by end of 2019.
“Vietnam is one of the fastest growing tourism markets in the world with double-digit percentage increases in the country’s international arrivals since 2015. Furthermore, the Vietnamese government has also set a goal of 20 million foreign visitors by 2020,” says Arthur Kiong, CEO of Far East Hospitality.
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