DNVN - According to Savills Vietnam, hotel supply is expected to continue to grow in the coming years, especially in the 5-star segment and inner-city areas.
Savills Vietnam's Q2/2024 Market Overview Report shows that the hotel industry in the Hanoi market has a stable supply of 11,120 rooms from 67 projects. Of which, the supply of 5-star hotels increased by 3% and the supply of 4-star hotels decreased by 7% quarter-on-quarter.
The reason is that the Movenpick Living West project (formerly Eastin Hotel & Residences) has been upgraded from 4 stars to 5 stars. This shows that the development and demand for the luxury hotel segment in Hanoi is growing positively. While the reduced supply of 4 stars may affect the accessibility for middle-income tourists.
The Hanoi hotel market also recorded positive signals with increased occupancy rates. If in the first quarter, the hotel industry's occupancy rate reached 65%, up 1 percentage point quarter-on-quarter, then in the second quarter, the occupancy rate reached 67%, up 2 percentage points quarter-on-quarter and 3 percentage points year-on-year.
Tourism is having a strong impact on the growth of the hotel industry.
Mr. Matthew Powell - Director of Savills Hanoi commented: "The tourism industry is recovering more strongly as the number of international visitors begins to increase again. In addition, MICE activities (seminars, conferences, meetings, exhibitions) in the cities are also developing quite positively.
This is a positive trend in the context of macroeconomic and political stability. This positive context strongly impacts the growth of the hotel industry nationwide and in Hanoi.”
The average rent for Hanoi hotels fell 7% quarter-on-quarter but increased 11% year-on-year, according to Savills. The average rent for 4-star and 5-star projects contributed to this trend, falling 6 percentage points quarter-on-quarter and increasing 9 percentage points year-on-year.
The development of the tourism industry has a positive impact on rental prices. Along with that, tourism stimulus programs and the influence of timing factors are also creating attractive rental prices for tourists.
With positive changes and demand from the market, Mr. Matthew forecasts that the hotel industry supply will continue to grow. In 2025-2026, there is expected to be a new supply of 2,689 rooms from 12 projects. 8 5-star projects will provide 74%, while 4-star projects will provide 26% of the new supply in these two years.
Meanwhile, 60% of the new supply is located in the inner city area, with 1,732 rooms from 8 projects. International and domestic operators have similar supply ratios, with 1,179 rooms and 1,177 rooms, respectively.
The international operators of the future supply are familiar brands such as Hilton, Fusion, Accor and Four Seasons.
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Source: https://doanhnghiepvn.vn/kinh-te/nguon-cung-khach-san-tiep-tuc-tang-truong-nhung-nam-toi/20240719020904079
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