According to Savills Hotels, over the past years, the hotel market in Vietnam has grown strongly in the number of branded projects of foreign units. The number of branded projects has grown from 30 in 2010 to 79 by the end of 2017.
This growth is more pronounced in early 2018 as the market continues to announce new brand names such as Mandarin Oriental (HCMC), Movenpick (HCM), Best Western Premier (Quang Binh and Long Hai) .
In the past 3 years, there have been many new brands introduced to the market, including Ozo and X2 Vibe (New Hoi An City), Double Tree by Hilton (Ha Long, Vung Tau and Hanoi), Four Seasons (Oakland, Ho Chi Minh City), Glow (Da Nang), and Mai House (Ho Chi Minh City).
According to Savills Hotels, foreign units are paying great attention in the Vietnamese market. This led to a strong growth in the number of resort projects.
“The resort projects attracted more operator attention than a few years ago due to better product quality, emphasis on design, and growth in trust with international management units. , as well as the owner’s desire to create a distinct product.
“The majority of Vietnamese developers still do not have much experience developing resort real estate. However, with the number of projects growing rapidly, developers will learn from the experience and provide more quality products to the market. We estimate more than 30,000 rooms will be available by 2019, “Savills said.
According to Savills, in the past two years, the Vietnam market has experienced a rapid growth of condotel. According to estimates of this unit, condotel accounts for about 65% of future supply in major tourist markets until 2020. And of total hotel supply at this time, condotel will account for nearly 25%.
However, Savills said that most condotel projects in Vietnam are planned without regard to operating factors. As a result, these products will be difficult to operate as a hotel or resort due to lack of facilities, logistics areas or lobby services.
“The condotel market in Vietnam mainly consists of non-branded projects and is usually operated by the investor. And most of these owners have no experience in hotel management. However, the market is gradually emerging branded projects and managed by professional operators. Most of these condotel projects are part of a complex comprising of hotels or resorts, “Savills said.
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