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Hotel room rates increased by 20%

13/04/2022

DA NANG In the first quarter, the average room rent in Da Nang reached 70 USD (about 1.6 million VND) per room per night, up 20% year-on-year.

The hotel market report of Cushman & Wakefield Vietnam said that in the first three months of the year, the resort business in Da Nang showed signs of improvement when the indicators of exploitation capacity and room rates increased. good signs of recovery compared to last year.

By the end of March, hotel occupancy in this coastal city reached 30%, up 10.2 percentage points quarter-on-quarter. The average room rent in Da Nang also increased, reaching 70 USD (about 1.6 million VND) per room per night, slightly up 3% QoQ and up 20% YoY.

The increase in hotel occupancy and room rates was driven by the recovery of domestic tourism during the Lunar New Year holiday from early February to the present.

The hotel market in the central area of Da Nang through the panoramic effect (panorama). Photo: Kim Lien

By the end of the first quarter, the total supply of 4-5 star hotels in Da Nang was 11,000 rooms, recovering to pre-pandemic levels. Over the next three years, about 4,000 rooms across 19 private hotels will be opened throughout this coastal city. With the advantage of long and beautiful coastline, leading the central key economic region, Da Nang is forecasted to start the wave of recovery of the resort tourism market in the central provinces in 2022.

The hotel business in Ho Chi Minh City earlier this year also tended to improve compared to the outbreak period. In the first quarter, hotel room occupancy in the city reached 35.6%, up 2.1 percentage points year-on-year. The average room rent is 73.6 USD (about 1.68 million VND) per room per night. The tax rate still decreased by 4.2% year-on-year but was offset by gradually improving capacity.

According to the Ho Chi Minh City Department of Tourism, from now until the end of 2022, there will be about 3.5 million international visitors, which is a force to help the hotel industry in the city recover sooner than before the pandemic. The total supply of 3-4-5 star hotels in Ho Chi Minh City currently records 17,000 rooms. Over the next three years, about 3,800 rooms across 18 private hotels will open across the city.

To give a boost to the hotel business, tourism initiatives in the city are also driving demand for short and medium-term stays in Saigon. The city proposes to reform water tourism to take advantage of the vast tourism potential of canals and rivers, including floating markets on the river.

Some districts outside Ho Chi Minh City are also expanding new types of tourism such as farm tourism and sports. Typically, the proposal to cooperate with suburban areas such as Can Gio and Hoc Mon districts to promote entertainment and culinary activities.

Cushman & Wakefield is one of the world’s largest commercial real estate services companies with $6 billion in annual sales, 45,000 employees in more than 60 countries.

By VnExpress

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