Singapore-based hotel and serviced apartment operator Far East Hospitality is expanding its regional footprint into Vietnam.
The company, a 70/30 joint venture between Far East Orchard and The Straits Trading Co., signed a hotel management and technical services agreement with real estate developer Five Elements Development to manage two boutique hotels in Ho Chi Minh City: the 56-room Lê Công Kiều Hotel and 30-room Ngô Văn Năm Hotel. Both hotels are set to open by year's end.
Far East Hospitality will manage hotel operations and sales and marketing functions for both properties and will act as a consultant during the design, planning and construction stages of the hotels.
“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,” Arthur Kiong, CEO of Far East Hospitality, told Singapore newspaper The Edge.