The number of projects increased from 30 in 2010 to 79 by late 2017. The growth was clearly demonstrated through the appearance of new management brands in the market early this year such as Mandarin Oriental and Movenpick in Ho Chi Minh City and Best Western Premier in Quang Binh.
Mauro Gasparrotti, director of Savills Hotels Asia-Pacific, says the hotel market in Vietnam is growing rapidly and the leisure segment’s potential will lure more investors.
Over the last two years, Vietnam has seen a rapid growth in the condotel market. According to Savills Hotels, condotels make up nearly 25% of the total supply of hotels currently and will account for around 65% of the total supply at main tourism markets by 2020.
The Vietnam National Administration of Tourism reports that Vietnam welcomed 6,708,428 foreign visitors in the first five months of this year, a year-on-year rise of 27.6% and 36.2 million domestic tourists in the period with a total estimated turnover of VND260, 200 billion from tourism.
Strong tourism growth will lay a foundation for the development of Vietnam’s hotel market.