Dusit Aims to Double Portfolio to 100 Hotels by 2025
Skift Take
- HCMC's hospitality market remained gloomy in H1 2023 due to slow international tourist arrivals.
- Ascott Limited is refreshing its hotel-in-residence model, catering to varying lengths of stays with hotel services and amenities.
- Dusit International expands in Japan with Dusit Thani Kyoto and plans massive expansion in China and India.
VN Express said the hospitality market in Ho Chi Minh City remained gloomy in the first half of the year due to a slow recovery rate of international tourist arrivals. According to Savills Vietnam, the hotel occupancy rates in the first half of 2023 stood at 64%, 92% of pre-pandemic levels. HCMC welcomed 18 million visitors. In the second quarter, occupancy rates were 60%, down 8 percentage points from the first quarter, while room rates of VND1.9 million a night were down by -2% from the previous quarter. Savills expects the market to recover fully in 2024, but Vietnam is lagging behind its regional peers regarding international tourism recovery. Hotels rely on business guests since HCMC is a transit point between various provinces and cities. The return of Chinese tourists would be a bright spot for the city's hotel market if it occurs. So far this year, China is the second biggest feeder market of Vietnam's tourism, with 738,000 arrivals. As of
