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Vietnam Tourism on Track to Beat 2019 Revenue Numbers

Alan Woinski

August 24th, 2022

Skift Take

  • Vietnam’s tourism sector is forecast to record US$11.1 billion in revenue in 2024, which would exceed the 2019 tourism revenue number of US$10.8 billion.
  • Hotelivate said Tier-III cities with resort locations in India have seen the strongest recovery amid a rebound in leisure tourism.
  • Accor is expanding its presence in the Philippines with the signing of two new properties in Clark City.

The Business Times of Singapore commented on the Fitch Solutions report saying Vietnam’s tourism sector is forecast to record US$11.1 billion in revenue in 2024, which would exceed the 2019 tourism revenue number of US$10.8 billion. They expect strong growth to continue with US$13.2 billion generated by tourism in 2026 with more than 22 million arrivals in the country. As we have been saying for the past two years, forecasting is not exactly a science these days. It is much more concise today than a year ago but with China still with a Zero-Covid policy, any positive forecast suggests the flood gates with open with Chinese visitors able to travel again and nobody knows when that will come to pass. While it is easy to say it definitely will change by 2024, for the past two years we have been hearing about pent up demand coming to Macau, Singapore, Thailand, Vietnam and South Korea from Chinese travelers and look where we are.

Hotelivate said Tier-III cities with resort locations in India have seen the strongest recovery amid a rebound in leisure tourism. This has allowed these locations to command average rates higher than what they originally achieved prior to the pandemic. Hotelivate’s 2022 Indian Hospitality Trends and Opportunities report said the resurgence of hotel demand in the June quarter has been exceptional and the companies have exceeded their pre-pandemic performance. India has some 150,000 branded hotel rooms with July and August clocking some of the best performances hotel businesses have seen across several markets. The survey was down on 1,364 hotels covering 152,000 rooms across 238 cities and 174 brands. Leisure locations continue to outperform urban markets but city hotels have seen an upswing in demand. The return of international travel is expected to help further benefit the industry in the months ahead. Average rates of five-star hotels in India are still below their peak. The report suggests Indian Hotels continues to be the number one brand with Marriott ranking second. India expects to add about 59,238 room between 2022 and 2027 with 6.4% being luxury developments and 27.5% upscale hotels. Bengaluru will get the most number of new rooms at 20,824 followed by Goa, a distant second at 11,054.

Accor is expanding its presence in the Philippines with the signing of two new properties in Clark City. South Korean gaming firm Hann Lux, the integrated resort and casino developer of the Hann Group, signed the deal with Accor for the development of facilities in the Clark Freeport Zone. Located within the luxury integrated resort, the hotels will be the Sofitel Clark and Emblems Clark, offering convenient access to high-end fashion stores, French-inspired cafes and convention facilities. Sofitel Clark will comprise 300 guest rooms while Emblems Clark will have 200. The landmark multi-agreement signing will see the expansion of a well-established partnership between Hann and Accor to six hotels in Clark, Philippines. Both the Sofitel and Emblems hotels will feature all-day dining and specialty restaurants, swimming pools, spas, fitness centers, meetings and conference spaces and executive lounges. This contract is part of Hann’s additional $2 billion investment in Clark.

Cygnett Hotels & Resorts announced its first resort property in Bharatpur Rajasthan, with an opening scheduled in October this year. Cygnett Resort Bharatpur is said to be beautifully landscaped resort built on 5 acres with 64 well-appointed rooms and suites spread across the property, located mostly on the ground floor with lawn access. The upscale resort includes 10,000 square feet of landscaped lawn area for outdoor events, and 20,000 square feet of indoor meeting and event spaces along with other leisure activities like gymnasium, expansive spa, swimming pool and a multi-cuisine restaurant. Cygnett signed a strategic partnership with Bansal Automobiles Pvt Ltd, who are also developers and the owners of the resort.

MSN said as many as 22 entities have shown interest in the monetization of The Ashok Hotel. India’s tourism minister is set to seek the Core Group of Divestment’s nod on inputs received from potential bidders when these companies participate in the hotel’s monetization roadshow. The article said the companies include Indian Hotels, Leela, Hilton, Hyatt’s Andaz, JLL and DLF among the 22. Joint venture and private equity investors partnering with real estate players can also bid for the five-star hotel in Delhi. The bidders may be allowed to construct serviced apartments and convention centers on the property as per Ashok’s lease conditions. The hotel is owned by the Indian Tourism Development Corporation, a PSU under the Union Tourism Ministry, which runs hotels and restaurants at various places, besides providing transport facilities. According to the monetization plans, the first land parcel of 11.62 acres, where The Ashok hotel is located, will be managed by private players on PPP operate-manage-develop model for 60 years. The second land parcel of 1.83 acres of the hotel will be managed by private players for 99 years on the design-build-finance-operate-transfer model.

Cross Hotels & Resorts said they are ramping up its environmental awareness credentials with the recent signing of two new hotel management agreements in Bangkok and Pattaya. The twin deal is with Evergreen Hospitality Co., Ltd. and it will usher in a sustainable drive towards reducing overall emissions. In the Thai capital, Away Bangkok Sukhumvit is a 78-key boutique hotel close to leading business, entertainment and shopping centers. The other is just minutes from Pattaya’s famed beach and is the 70-room Cross Vibe South Pattaya. Cross said their goal is to continue their expansion into the myriad of desired destinations within Asia Pacific. This announcement brings to eight the new HMA signings for Cross Hotels & Resort in 2022. Cross’ current portfolio includes more than 26 hotels under five distinct brands – Cross, Cross Vibe, Away, Lumen and Cross Collection – in Vietnam, Indonesia, Thailand and in Japan.

NIHI, a five-star resort located on the island of Sumba, is opening a new hotel in the Indonesian tourist hotspot of Flores. Its second hotel will be in Labuan Bajo, Flores, an Indonesian island that is a one-hour flight from Denpasar airport in BaliKodi Bajo is expected to open its doors in Indonesian summer 2023, between June and August. Kodi Bajo will be located a short drive away from the main strip of Flores and will overlook islands the UNESCO Komodo National Park. This will be a 129-room resort but the company said they will also open a smaller hotel on Rote island, also in Indonesia, called Kodi Bo’a. This will have 24 thatched pool villas in front of Bo’a beach on a secluded corner of Indonesia’s remote Rote Island in West Timor.

The $400 million plus ITC One Colombo project, which comprises the Sapphire Residences residential tower and super luxury ITC hotel is on course to be completed in 2023. The 50-story Sapphire Residences tower and 20-story high super luxury ITC hotel sit at the heart of Colombo’s Galle Face oceanfront. The most distinctive feature is said to be the AHASA ONE Sky Bridge, installed 100 meters in the air, connecting the two towers between levels 19 and 21. The landmark project is being developed by WelcomHotels Lanka (Pvt) Ltd., a unit of ITC Ltd of India.

Absolute Hotel Services announced the promotion of Karan Kaul as Deputy CEO & Head of Business Development, effective September 1, 2022. He joined AHS in 2020 as Vice President Business Development.

Alan Woinski

August 24th, 2022

Companies: Absolute Hotel Services, Accor, Andaz, Away, Cross Hotels & Resorts, Cross Vibe, Cygnett Hotels & Resorts, Hilton Hotels & Resorts, Hyatt Hotels Corporation, JLL, Sofitel, The Indian Hotels Company Ltd, The Leela Palaces Hotels and Resorts

Locations: Bangkok, Goa, India, Indonesia, Pattaya, Philippines, Rajasthan, Vietnam

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