Hanoi hotel occupancy rate hits 5-year high

26.08.2016

VietNamNet Bridge – In Southeast Asia, Vietnam is becoming an attractive tourist destination as shown by impressive hotel occupancy rates, which reached 75% this June in Hanoi, the highest in the last five years, reported CBRE.

According to CBRE report on the hotel market of Vietnam in the second quarter of 2016, foreign arrivals to Vietnam grew by 21% in the first half.

By the end of June, the hotel occupancy rates in HCM City and Hanoi were impressive, with 65%-75%, respectively. The rate for Hanoi reached a five-year record, competing with Bangkok for the top position in the region.

CBRE said that in the future, the hotel and resort market of Vietnam can grow thanks to the growing interest in the world, and policies to encourage tourism development of local authorities and the ease of the visa policy.

The visa-free policies also contribute to an increase of international tourists to Vietnam to 13.5% year on year. 

The internationally known hotel management units as Accor, IHG, Marriott, Hilton, and Starwood are targeting the Vietnamese market. Famous hotel chains and hotel management units as Wyndham, Holiday Inn and Pan Pacific are also entering Vietnam.

Some big investors like Vingroup, Sun Group, BIM, and MIK are actively developing tourism clusters in the coastal cities of Da Nang, Nha Trang, and Phu Quoc Island.

CBRE forecasts that, in the future, Vietnam’s hotel market will grow thanks to new sources of supply.

Source: Vietnam.net

Photo: CBR Investment AG