HCMC hotel room prices up 21% in 2022

 According to property consultancy Savills Vietnam, the average room rent at hotels in Ho Chi Minh City was VND1.6 million (US$68) the year before, representing a rise of 21% from the year before.

The occupancy rate had increased by twenty percentage points, reaching 45%. The average accommodation rate at a five-star hotel went up by 44%.

The occupancy rate in the fourth quarter was 62%, and the average tariff was VND1.8 million, which is a 9% increase from the previous quarter's average tariff.

The most recent study on the hotel market by Savills indicates that occupancy and room prices have increased, showing a rebound after the Covid pandemic. This is despite the fact that there was an increase in the number of rooms available in 2022.

On the other hand, the overall incidence rate was 18% lower than it was in 2019 before the pandemic started.

Savills anticipated that the reopening of China will have a favorable impact on the tourism industry in Vietnam this year.

HCMC has around 15,500 rooms spread across 111 hotels, which is an increase of 8% year-on-year and is almost back to where it was before the epidemic.

According to the chairman of a consulting and training company in Asia named North Stars Asia, Trang Minh Ha, hotels have increased their accommodation rates for the high tourist season that includes Christmas, New Year's, and Tet (the Lunar New Year holiday). Late in January, a significant number of Vietnamese living abroad traveled to the city to celebrate Tet.

Even though China has resumed normal operations, Ha predicted that there would be no immediate increase in the number of tourists visiting HCMC. However, there would be an increase in the number of business visitors and people coming for conferences in the near future.

According to the municipal Department of Tourism, the city had roughly 3.5 million visitors from outside the country, 25 million visitors from within the country, and earned income from tourism of VND120 trillion in 2018. These numbers are all higher than in 2021 but lower than 2019.

It is anticipated that the revenues of Vietnamese hotels will increase at a rate of 7% per year between 2023 and 2027, with the average revenue per guest increasing by 0.3% to reach $158 by 2027.

When Chinese tourists come back to Southeast Asia, hotel revenues are projected to fully recover by the year 2023, according to Statista, a German organization that provides online market and consumer statistics.

Previous Post Next Post