Do Thu Hang, Head of Research, Savills Hanoi said that the hotel market in Hanoi is operating very well in terms of both capacity and room rates. The capacity of five-star hotels is always at the highest level in the market.
According to a survey by Savills, in the third quarter of 2017, the market has a five-star hotel and two three-star hotels with a total of 509 rooms to enter the market. Total hotel supply reached 9,840 rooms, up 5% quarter-on-quarter and 8% year-on-year.
Low season recorded average occupancy down 5 percentage points on a quarterly basis but overall up 7 percentage points year-on-year. Average rents fell 1% quarter-on-quarter but increased 26% year-on-year. Average room occupancy declined by 8% quarter-on-quarter but increased 39% year-on-year.
According to Savills, the competitive pressure in the hotel market in Hanoi will increase after 2018 with 36 future projects.
An overview of Hanoi’s hotel market, Ms. Do Thu Hang, Head of Research, Savills Hanoi said that the hotel market in Hanoi is operating very well in terms of both capacity and room rates. The capacity of five-star hotels is always at the highest level in the market.
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Explaining that the capacity of five-star hotels reached a record capacity in the first 9 months of 2017, Hang said that the recent time international visitors to Vietnam increased sharply, according to the Hanoi Statistical Office, in the first 9 months of 2017, 3.5 million international arrivals went to Hanoi, an increase of 24% year on year, while Hanoi’s hotel supply remained almost unchanged.
“40% of international visitors to Vietnam will stay in Hanoi, demand for five-star hotels will increase while supplies will not increase. This is also one of the reasons that Hanoi hotels operate at full capacity, and at the same time, raising room prices increased.”, Hang said.
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