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Vietnam hotel market will transform in 2022

15/04/2022

Experts forecast that the demand for motels and hotels will increase sharply in 2022 along with the recovery of the tourism industry.

According to the latest report of Real Estate Consulting Company JLL, the demand for accommodation is recovering at a faster rate than expected, motel and hotel developers will need to have adaptive solutions, take the opportunity to enhance service value, reduce operating costs and increase user demand.

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Vietnam hotel market will transform in 2022

The global accommodation industry proved its resilience in 2021, after a sudden drop in demand in 2020 due to the epidemic. Increasing vaccination rates, large amounts of economic stimulus packages from governments, along with “fatigue” due to the policy of closing borders have raised demand for accommodation to unexpectedly high levels, helping to push up the economy. rapid recovery of the industry.

According to statistics, the global transaction value in 2021 increased by 131% over the previous year, reaching a total of 66.8 billion USD. At the end of the year, the ratio of RevPAR (room revenue / room availability) recovered compared to 2019 ranging from 50 – 79% depending on the region, in which the Americas region took the lead.

This shows that markets that rely heavily on business and group demand will have a slower recovery rate than those that depend on entertainment demand. Similarly, markets formerly dependent on international demand face greater challenges than markets dependent on domestic demand.

In 2022, the issue of demand and recovery progress will continue to be of primary concern to hoteliers, operators and investors. In addition, the industry will have to adjust operational barriers due to labor shortages, rising inflation, supply chain issues, etc.

JLL predicts, the motel and hotel industry will have the opportunity to take advantage of the increasing trend of “commercial real estate hotelization”. Markets that are taking advantage of the current operating environment to transform and strengthen their position in the travel market will see outstanding growth in demand and investment.

With an increasing number of investors eager to find assets that can generate significant income and at the same time resist significant inflation; The hotel and motel industry will benefit from the abundant capital available for deployment.

Forecasting the resilience of the hotel industry in Vietnam in 2022, Vo Thi Khanh Trang, deputy director of Savills Vietnam Research, said: “The post-pandemic outlook for the hotel industry remains promising. appointment, with the participation of famous international operating brands. By the end of 2023, Ho Chi Minh City will have 2,500 more hotel rooms, 70% of which will come from well-known brands such as Fusion, Hilton and InterContinental.

According to the World Tourism Organization, global tourism could fully recover by 2024, in which herd immunity is the key factor. Vietnam strives to achieve herd immunity with 70% of the population vaccinated by the end of 2021. A full recovery of the tourism industry, according to many experts and organizations, can only happen when the whole world reaches herd immunity is expected, as quickly as 2023 when at least 70% of the population is fully immunized.

It can be said that the picture of Vietnam’s hotel market in 2022 will prosper again and is expected to develop as before the epidemic.

by Congly.vn

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