Vietnamese Hotel Closures and Sales Amidst Tourism Challenges
Skift Take
- Hotels in Vietnam, particularly in Ho Chi Minh City, are experiencing closures and are being listed for sale due to lower-than-expected visitors, revenue, and the need for capital expenditure.
- Centara Hotels & Resorts is entering the Japanese market with the opening of Centara Grand Hotel Osaka, featuring 515 rooms, world-class dining options, and extensive meeting facilities.
- The Philippines conglomerate Alliance Global Group plans to allocate Php4 billion for the expansion of Manila's Newport World Resorts, part of a broader Php70 billion investment for 2023.
More reports are coming out of Vietnam about hotels closing or being put up for sale. The latest article said a Google search “for sale hotels in Ho Chi Minh City” brought up hundreds of results. The Ho Chi Minh City Department of Tourism said in District 1 there are 308 tourist establishments and about 20 have closed, suspended operations or changed owners. If the first four months of 2023, Ho Chi Minh City attracted more than 1.3 million international tourists and nearly 10.6 million domestic tourists. Their goal is to get 5 million international tourists, 35 million domestic tourists and a total tourism revenue of 160,000 billion VND this year. Hotels not only are facing lower than expected visitors and revenue, many are in need of capex. That is causing the combination of closures and record number of hotels being listed for sale.
Movenpick Hotel Surabaya City is the result of a relaunch of a hotel in the East Java province in Indone
