HÀ NỘI – Average occupancy of five-star hotels was up four percentage points quarter-on-quarter (QoQ) and 10 percentage points year-on-year (YoY) to 74 per cent.

This was stated in Savills Việt Nam Co Ltd’s quarterly report on Hà Nội’s property market.

The hotel segment performed well in terms of occupancy and price in the first quarter this year, the company said.

Average room rate, the average price of each room sold per day, was up 21 per cent QoQ and 41 per cent YoY due to an increase across all segments.

Revenue per available room was up 28 per cent QoQ and 64 per cent YoY.

Người Đồng Hành online newspaper quoted Đỗ Thu Hằng of Savills Hà Nội as saying that the good performance of the five-star hotel segment in the first quarter was partly due to strong growth in the number of foreign visitors to Việt Nam, including to Hà Nội, which received 1.3 million visitors in the first quarter. Meanwhile, supply of five-star hotels in this quarter remained unchanged.

“40 per cent of foreign visitors to Việt Nam would stay in Hà Nội, leading to higher demand for five-star hotels while supply of this hotel segment was unchanged. So, existing five-star hotels in Hà Nội had to operate under full capacity, pushing the average room rate up,” Hằng said.

According to the Hà Nội Statistics Office, in the first quarter, there were some 1.3 million international visitors to Hà Nội, a YoY increase of 10 per cent.

In 2017, more than 900 rooms would be introduced, Savills Hà Nội said.

The company also commented on the office for lease market, saying grade A offices in central business districts (CBD) continued to perform well in the first quarter.

Total office space was 1,640,000sq.m, increasing 0.3 per cent QoQ and 1.9 per cent YoY.

One Grade A project entered the market, supplying some 5,200sq.m of office space.

Average rents decreased 0.2 per cent QoQ but increased 1.2 per cent YoY. Average occupancy was up slightly. Grade A projects in non-CBD witnessed weaker performance compared with their CBD counterparts.

In 2017, five new mostly Grade B projects would supply some 158,400sq.m. Future supply would remain concentrated in the west and secondary areas. – VNS

Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

2022 Vietnamese New Year: How Should Foreign Businesses Prepare

Tet is the Vietnamese version of the Lunar New Year in mainland China, Hong Kong, and Taiwan but is also influential in areas with major Chinese diasporas, such as Singapore. Several other Asian countries, including South Korea and Vietnam, celebrate their own lunar new year holidays as well.

Citi to Sell Consumer Bank in Indonesia, Malaysia, Thailand and Vietnam to UOB Group

The agreement covers all related Citi staff, with approximately 5,000 consumer bank and supporting employees expected to transfer to UOB upon close of the proposed transaction. 

Why Vietnam is Increasingly Focusing on Digital Accounting

Digital accounting refers to the creation, representation, and transfer of financial information into an electronic format. Instead of using a physical paper and pen, all accounting transactions are conducted electronically.