HCM City hotel market bounces back in Q1 - HCM City hotel market bounces back in Q1 - Website Ho Chi Minh City
Average hotel occupancy rate in Ho Chi Minh City reached 74 percent in the first quarter, increasing by 6 percentage points from the same period last year.
According to a report by real estate company Savills Vietnam, average room rate rose by 4 percent to 83 USD per night, as all local three- to five-star hotels introduced higher rates for the first time in three years.
The supply of hotel accommodations grew 2 percent on year, offering more than 16,500 rooms from 133 projects. Savills Vietnam said by 2020, 14 new projects will add to the market about 3,500 rooms.
In the first three months of 2018, the southern economic hub welcomed 1.98 million foreign arrivals, an annual increase of 15.6 percent.
Tourism services revenue earned during the period exceeded 31.7 trillion VND (1.39 billion USD), up 14.4 percent on year. The first quarter also saw 394 travel companies established in the past three months, registering 1.2 trillion VND (52.8 million USD) in capital.