Saturday, October 5, 2024 The hotel industry is witnessing remarkable growth, with notable enhancements in Revenue Per Available Room (RevPAR), as highlighted by Savills Hotels, a leading hospitality advisory and investment firm. During the first seven months of this year, the RevPAR index saw a 15% surge compared to the same period last year, positioning it as one of the top growth rates in Southeast Asia. This impressive performance is primarily attributed to a significant rise in occupancy levels.
The recovery in occupancy has been particularly strong in popular coastal destinations like Nha Trang-Cam Ranh and Phú Quốc, where rates have increased by 40-50%, driven by a robust rebound in international tourism. However, despite the increased occupancy, average room rates remain 3% lower than last year, largely due to more competitive pricing in key markets like Nha Trang and Phú Quốc, where new properties launched after the pandemic are still establishing their foothold. In the Asia Pacific region, excluding China, Việt Nam ranks second in the hotel development pipeline, just behind India.
The country is expected to have 191 projects underway, adding 49,800 rooms by 2028, positioning itself as a key player in the regional hospitality sector. Around 75% of these projects are within the midscale to upscale categories, and close to 70% will carry chain-branded names..
