FOR IMMEDIATE RELEASE
FAR EAST HOSPITALITY EXPANDS REGIONAL PRESENCE INTO VIETNAM
Signs hotel management and technical services agreement with Five Elements Development to manage two boutique hotels
Singapore, 17 April 2019 – Far East Hospitality, one of the leading operators of hotels and serviced residences, today announced that it is expanding its regional footprint into Vietnam. The homegrown company signed a hotel management and technical service agreement with Five Elements Development, a real estate development company with a strategic focus in hospitality, to manage two boutique hotels – Lê Công Kiều Hotel and Ngô Văn Năm Hotel – set to open in Ho Chi Minh City by end of 2019.
Under these agreements, 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.
“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,” said Mr Arthur Kiong, Chief Executive Officer of Far East Hospitality. “Given the robust growth ahead, we see this partnership with Five Elements as a timely and strategic one to uplift Vietnam’s hospitality industry,”
“Five Elements Development was in search of a reputable management partner and one of the key criteria is the ability to provide quality guest services,” said Mr. Tran Thanh Hai, Chief Executive Officer of Five Elements Development. “We learned that two of Far East Hospitality’s boutique properties – AMOY and Quincy – have continuously been ranked among the Top 5 hotels for quality services according to TripAdvisor’s Traveller Choice Award. This track record of delivering high-quality, and differentiated offerings gives us the confidence that Far East Hospitality is the right partner for us. We are excited to work together on this journey to propel Vietnam's hospitality scene.”
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 strategically located at District 1 of Ho Chi Minh City. They are within a 20-minutes and 15-minutes’ drive from Tan Son Nhat International Airport and Saigon Railway Station respectively.
Guests with a keen eye for handicrafts can visit the Ben Thanh market which is known for its Vietnamese art and souvenirs, while those who seek historical insights can visit the Independence Palace.
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About Far East Hospitality
Far East Hospitality Holdings Pte Ltd (Far East Hospitality) is an International hospitality owner and operator with a diverse portfolio of 9 unique and complementary brands of hotels, serviced residences, and apartment hotels, including Oasia, Quincy, Rendezvous, Village, Far East Collection, Adina Hotels, Travelodge Hotels, Vibe Hotels and TFE Hotels Collection.
Far East Hospitality owns more than 10 hospitality assets and operates a combined portfolio of more than 14,500 rooms under its management across over 90 hotels and services residences in seven countries – Australia, Denmark, Germany, Hungary, Malaysia, New Zealand and Singapore, with more in its development pipeline.
Far East Hospitality is a 70-30 joint venture formed in 2013 between Far East Orchard Limited (a listed company under Far East Organization) and The Straits Trading Company Limited. In the same year, Far East Hospitality, through its wholly-owned subsidiary Far East Hospitality Investments (Australia) Pte Ltd, completed a 50-50 joint venture with Australia’s Toga Group to form Toga Far East Hotels (TFE Hotels).
For more information, visit www.stayfareast.com.
About Five Elements Development
Five Elements Development is a real estate development company with a strategic focus on hospitality and envisions to deliver unique real estate products. The company’s goal is to develop and manage a chain of high quality hotels, and aims to build 20 hotels throughout Vietnam.
For media enquiries, please contact:
Rachelle Tan / Debbie Song
M + 65 9011 0055 / +65 8360 9705
Far East Hospitality Management
M + 65 9681 1169