Palladium Hotel Group will open two BLESS Collection properties in Vietnam by 2028 — a 54-villa resort near Nha Trang and a five-star conversion of the century-old Hoa Binh Hotel in Hanoi. The Mallorca-based operator, with more than 40 hotels across nine countries, has set up an Asia-Pacific headquarters in Ho Chi Minh City to oversee the rollout.

What is the Ninh Van Bay project?

Palladium acquired L'Alya Ninh Van Bay in July 2026 and runs the all-villa property on a white-label basis during renovation. The five-star resort, north of Nha Trang in Khanh Hoa province amid jungle and private white-sand beach, reopens as BLESS L'Alya Ninh Van Bay in summer 2027. Palladium adds 54 villas to the existing footprint. CONASI Property Management and Development Corporation is Palladium's local partner.

What changes in Hanoi?

The former Hanoitourist-owned Hoa Binh Hotel relaunches as BLESS Hotel Hanoi in 2028 after a comprehensive renovation. Palladium modeled the approach on its Only YOU Madrid project, which converted a 19th-century Chueca building into a contemporary lifestyle hotel. The Hanoi work lifts the property from three to five stars.

"Southeast Asia represents one of the most dynamic hospitality markets globally, with growing demand for distinctive luxury experiences, strong domestic travel, and increasing international connectivity," said Farah Jaber, Managing Director, Southeast Asia, at Palladium.

CEO Jesús Sobrino called Vietnam a deliberate first stop in Asia. "Choosing where to begin in Asia was a deliberate decision, and Vietnam was clear," Sobrino said. "Its growth is remarkable, but what convinced us is the shift in what the market values: distinctiveness and experience over scale alone. That is where our strengths lie."

How is Marriott scaling in parallel?

Marriott International signed in March with Sun Group for ten hotels and resorts in Phu Quoc and Vung Tau, adding nearly 4,500 rooms between 2026 and 2030. The deal introduces eight brands:

• W Hotels (Vietnam debut)
• Moxy Hotels (Vietnam debut)
• Marriott Hotels
• Westin
• Le Meridien
• Courtyard
• Fairfield
• Four Points by Sheraton

A separate Marriott pact with Masterise Group covers four hotels and one branded residence. The package includes The Ritz-Carlton, Saigon and The Ritz-Carlton Residences, Saigon, plus a Can Gio eco-resort with JW Marriott and Four Points. The 494-key Co Loa Marriott Hotel, under construction beside Hanoi's National Exhibition & Convention Center, brings the flagship Marriott brand to the capital.

"Vietnam is emerging as one of the world's most dynamic tourism markets, with our managed hotel portfolio doubling since 2022," said Rajeev Menon, President, APEC, at Marriott International.

What is driving the pipeline?

Vietnam recorded 15.9 million international arrivals in the first eight months of 2026, up 14.4% year-on-year and the strongest opening eight months on record. Authorities target 25 million international visitors this year, against 21.2 million arrivals and 137 million domestic tourists in 2025. Tourism revenue reached roughly $38.5 billion last year, up 38% from 2019, with the sector contributing 8.8% to GDP and supporting 4.41 million jobs.

Politburo Resolution No. 26 NQ/TW sets the longer horizon, calling for tourism to:

• Contribute 10-12% of GDP by 2045
• Draw 45-50 million international visitors
• Serve 160 million domestic tourists
• Generate $80-90 billion in revenue
• Rank Vietnam among the world's top 30 most competitive destinations

"Expanding into Asia is a natural continuation of that journey," Sobrino added. "We are approaching this opportunity with a long-term vision centered on quality, differentiation, and sustainable expansion."

Palladium's APAC office will manage the 54 Ninh Van Bay villas and the Hoa Binh conversion while pursuing additional regional partners, positioning the two Vietnamese projects as the opening chapter of a longer Southeast Asia footprint.