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Vietnam’s Hotels Increasingly Face Financial Difficulties

Alan Woinski
June 17th, 2024 at 7:22 AM EDT

Skift Take

Despite a rebound in tourism, many Vietnamese hotels face financial troubles and are being auctioned.

Australia’s export tourism industry continues to recover, with international holidaymaker arrivals at 74% of 2019 levels. Outbound travel has already passed pre-pandemic figures. The Australian Bureau of Statistics numbers suggest good growth in inbound visitation from markets including IndiaIndonesia and South Korea, compared with 2019, and the Chinese market is showing positive signs of recovery.

Oyo is looking to raise Rs 1,000 crore (US$120 million), primarily from the family offices of Indian corporate executives and stock market experts. The Economic Times said this valuation will be down -72% from $9 billion in 2021 to $2.5 billion following the fundraiser.

Macau has solidified its position as the top tourism generator in China, surpassing other prominent nations, according to the UNWTO. The report showed Macau secured 13th position in the global ranking of countries and regionals generating the highest revenue in the tourism sector, generating US$32.6 billion in 2023. That is still well behind the United States, which tops at US$175.9 billion, followed by Spainand the UK with US$92 billion and US$32.6 billion, respectively. Overall, the Chinese reaffirmed their position as the top spenders on international tourism, with US$197.7 billion spent. North American tourists spent US$123.2 billion.

The number of tourists to Hanoi is expected to reach 14.05 million in the first six months of the year, up 13.7% compared to the same period in 2023. The municipal Department of Tourism said the number of international arrivals is expected to reach 3.14 million, up 52.6% year on year, while domestic tourists are estimated at 10.3 million, up 6%. Total revenue from tourism in the period is expected to be US$2.2 billion, up 22.8%. Hanoi has 4,760 accommodation establishments with a total of 71,246 rooms, of which 607 hotels and apartment complexes have been rated 1-5 stars, with 26,641 rooms.

The rebound in visitation to Vietnam is not stopping the avalanche of hotels that are in financial trouble. The Thua Thien-Hue brand of the Bank for Investment and Development of Vietnam said they intend to auction a four-star hotel in central Vietnam. MidTown Hotel Hue in Phu Hoi Ward, Hue City, was invested in by Thanh Trang Company Limited. The hotel was used as collateral for loans and will be auctioned off on July 12 with the initial bidding price on the 13-story hotel at US$3.9 million. There are a lot more hotels and tourism facilities that will be attempted to be auctioned off in the future.

A $100 million Pullman hotel development has been unveiled for Hamilton, NZ‘s CBD, with work underway and an expected 2026 opening. The 191-bed hotel involves a retrofit of the current Mistry Centre, Hamilton’s tallest building. Two underground levels of parking and three office and retail spaces are also planned for the building. The project developers are local businesspeople Sanjil Mistry and Pienaar Piso, who own the Mistry Centre. The hotel will be operated by Accor under the premium Pullman hotel brand.

VisMin developer Cebu Landmasters Inc has opened the P2 billion Citadines Bacolod City, its first hotel outside Cebu City in the Philippines. This is the largest international hotel in Negros. The firm said it is expanding its footprint in the Visayas and Mindanao tourism industry with the opening of the new 200-room hotel. Operated by The Ascott LimitedCitadines Bacolod City is a project of CCLI Premier Hotels, a joint venture between CLI and Capitaine Inc. The hotel includes a 1,000-square-meter convention center with a pillarless ballroom.

The Wyndham Garden Clark has started construction. The hotel is inside Clark Freeport, in the Philippines, to be constructed along C.M. Recto Avenue, just 10 minutes from the Clark International AirportMBB Global Properties is developing the hotel and was there with Wyndham and Clark Development Corporation officials for the groundbreaking. The 15-story hotel will be built on a 5,500 square meter lot and will feature 176 fully-furnished suites, along with amenities such as meeting halls, a playground, gym facilities and a swimming pool. The completion is expected in 2026.

Wyndham Hotels & Resorts announced the opening of Ramada by Wyndham Gorakhpur Gorakhnath Mandir Road, marking its 59th hotel in India and 7th hotel in Uttar Pradesh state. The hotel features 57 keys along with Monarch, a multi-cuisine, all-day diner. Wellness and recreation amenities include a fitness center and a swimming pool. The hotel is equipped with 6,400 square feet of event space and is located 14 kilometers from Mahayogi Gorakhnath AirportWyndham currently operates 62 hotels across India, with more than 40 additional hotels in the pipeline. With the addition of this hotel, Wyndham will have 12 hotels, including five under development across RamadaRamada EncoreRamada Plaza and Wyndham Garden brands in Uttar Pradesh.

Regent Hong Kong unveiled its Signature Suites, a trio of luxury residential retreats, each with a private outdoor terrace and whirlpool. Regent said the Presidential SuiteTerrace Suite and CEO Suit are one-of-a-kind Personal Havens that elevate the Regent Hong Kong experience to new heights. The three Signature Suites are said to represent the crème de la crème of the 129 suites at the property, among a total of 497 guestrooms.

Re’Joy Suites, considered Southeast Asia’s most advanced postpartum center providing advanced care for mothers immediately after childbirth, includes a blend of Traditional Chinese Medicine and modern healthcare in a luxury spa and hotel setting in SingaporeJoyre Group is behind this, a built-up area of over 30,000 square feet and 30 rooms, occupying three four-story buildings at 3 Croucher Road, within a 20-minute drive to eight local hospitals. The property offers an all-round wellness experience for the mothers while babies are cared for in dedicated nursery rooms. Re’Joy Suites marks Joyre Group‘s inaugural venture into the postpartum confinement center industry. They plan to expand their portfolio of services.

Alan Woinski
June 17th, 2024 at 7:22 AM EDT

Companies: Wyndham Hotels & Resorts, Citadines, OYO Hotels, Pullman, Regent, The Ascott Limited, Wyndham

Locations: Australia, Cebu, Hanoi, Hong Kong, Macau, New Zealand, Philippines, Singapore, Uttar Pradesh, Vietnam

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