CapitaLand Ascott Trust, the management agency of five Somerset hotels in Vietnam, posted a revenue of S$27.6 ($20.63 million) from its Vietnam operation in 2022, up 33% year-on-year, according to the firm’s latest report.
Amid the country’s post-Covid-19 reopening, the revenue per available unit (REVPAU) grew 52% year-on-year to S$62 ($46.3) per day. The agency also attributed the growth to the acquisition of Somerset Central TD Haiphong City on November 30 last year.
As a result, the group earned a gross profit S$14 million ($10.46 million) in Vietnam, up 31% year-on-year.
On a global scale, CapitaLand Ascott recorded a revenue of S$621.2 million ($464.21 million) in 2022, up 58% year-on-year, with a REVPAU of S$120 ($89.67) per day, up 74%. Gross profit increased 63% year-on-year to S$282.8 million ($211.33 million).
CapitaLand Ascott Trust now manages five hotels in Vietnam, namely Somerset Hoa Binh Hanoi and Somerset Grand Hanoi in the capital city, Somerset Chancellor Court Ho Chi Minh City and Somerset Ho Chi Minh City in the southern economic hub, and Somerset Central TD Haiphong city.
The total valuation of the five hotels with 893 available units reached S$221.9 million ($165.82 million) as of end-2022, according to CapitaLand Ascott.