Vietnam's Hotel Room Supply Is on the Rise
Skift Take
Savills Vietnam predicts a substantial increase in hotel real estate supply in Vietnam, focusing on Hanoi and Ho Chi Minh City, due to new projects from 2024 to 2026.
Savills Vietnam is predicting the hotel real estate market in Vietnam, particularly in Hanoi and Ho Chi Minh City, is predicted to see a big supply thanks to new projects in the 2024-2026 period. HCM City’s tourism targets to attract 6 million international visitors and 38 million domestic visitors in 2024 and earn 190 trillion VND (US$7.74 billion). The total supply currently in the southern metropolis is 15,991 rooms from 114 hotels, an increase of 3% year on year. Ramada Encore Saigon by Wyndham with 70 rooms and Sotetsu Grand Fresa Saigon with 125 rooms joined the market last year. By 2026, forecasts reveal that four other hotels with 800 rooms will open, while many projects are in the planning stages and have yet to have a specific opening date. Notably, the 5 star Hilton Saigon hotel will open in the first quarter of 2024. In Hanoi in the 2024-2026 period, 13 projects with 2,746 rooms are expected to come into operation including three projects that will start operation in
