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The hotel’s 25 new residences will
be finished this November. “The Inter-
Continental brand and everything it
stands for is definitely an advantage;
by choosing to take a residence here,
guests will have all our services at their
disposal,” he added.
One reason the hotel opted for the
change is that they have seen a surge
in the number of corporate guests who
stay for between three and 12 months,
or even longer. “These people want
more than just a hotel room, but they
don’t want to be restricted by having
a house or an apartment in a block,”
McDonald explained.
“We provide an option for guests
who want to cook, to have privacy,
more space and especially for people
who want to bring their family along,”
he said, adding that the residences can
be booked worldwide via the InterCon-
tinental Hotels Group (IHG) website.
McDonald believes that, from an
investment point of view, this move is a
very smart decision. Lew agrees: “Com-
petition is always there, but we believe
there is still strong growth potential for
international-class serviced residences
in Hanoi due to the limited supply. The
demand for serviced residences in Viet-
nam will increase as more multinational
companies see the opportunity to in-
vest in this emerging market.”
McDonald says 2015 will be chal-
lenging: “You have to make sure you
don’t take anything for granted and
are continually driving improvement
every day.”
InterContinental Hanoi Westlake is
not the first IHG property which has
turned to serviced residences; both the
Crowne Plaza West in Hanoi and Inter-
Continental Asiana Residences in Ho
Chi Minh City have already offered ser-
viced residences.
According to CBRE Vietnam, as of
September 2013, Hanoi had more than
3,000 serviced apartments. This num-
ber will reach around 3,250 in 2014,
when Lotte Hanoi Centre opens.
In terms of location, Tay Ho area
will continue to perform well despite
new supply coming on line. Meanwhile,
older projects in the CBD will face com-
petition from new projects in the West
area of Hanoi.
Apart from that, the buy-to-let
trend continues, adding competition to
this sector and providing tenants with
other options. However, it is still evi-
dent that serviced apartments do offer
better services and amenities that are
sought after by tenants who may oc-
cupy on a long or short term basis.
CBRE said that the potential of ser-
viced apartments in Vietnam still remains
high thanks to increasing foreign invest-
ment infows, the trade surplus and high
production growth, plus the high rate of
urbanisation and the increasing number
of international tourists.
LUXURY LIVING AND TRAVEL
Our residents do not just come
back to their accommodation,
they come home to familiar
faces, welcoming surroundings and
the assurance that their needs will
be taken care of.
Lew Yen Ping
Area manager of Ascott International
Management Vietnam