Vietnam Hotels Struggle Amid Recession and Tourism Slump
Skift Take
- Vietnam hotels face challenges: Recession and sluggish tourism lead to hotel sales and closures.
- High demand in Fiji tourism: Shortage of 4,000 hotel rooms, increased spending.
- New hotel developments in Asia: 25hour hotel in Jakarta, Lanson Place in the Philippines, Hilton Garden Inn in Islamabad.
Dow Jones carried a story on Vietnam hotels, another one discussing the less-than-stellar situations that are causing an avalanche of properties to be listed for sale. The article started with a commentary on a wave of HCM City hotels being put up for sale at deep discounts amid the ongoing recession and sluggish tourism market. The article described hotels in the Tan Binh District being put up for sale for around US$1.06 million each while a hotel on Bui Thj Xuan Street put up for sale at US$7.42 million. Without giving much in the way of details we have to take DJ’s word for it that these are discounts but they did say a three star 10 story hotel in District 1 was put up for sale for $11.5 million but there were negotiable discounts for serious buyers, whatever that means. The Vietnam Real Estate Association said many hotel owners, particularly small and medium-sized ones, are selling at significantly lower rates to maintain their cash flow while others are
