VietNamNet Bridge – Eight hotels with 1,400 rooms, many of which are managed by international operators like Intercontinental, Marriott, Hilton Hotels & Resorts and Candeo, are scheduled to start service in Hanoi this year.

However, in 2014 and 2015, investors will reduce the number of new hotel rooms as they adjust their business plans, says a research on the Hanoi property market done by Savills Vietnam.

After 2015, the number of new hotel rooms in Hanoi will increase again, said Do Thu Hang, head of research and consultancy at Savills Vietnam.

Hanoi hopes to attract 16.7 million tourists in 2015, up 16% against 2012. The municipal authorities aim at 23.2 million tourist arrivals in 2020 and 31.3 million in 2030.

The number of international tourist arrivals to Hanoi is forecast at 2.5 million in 2015, 3.2 million in 2020 and 4.5 million in 2030.

A report released on Thursday by Savills Vietnam shows that Tay Ho District is where most people choose to reside in Hanoi. The number of apartments for rent in this district in the first quarter picked up 20% over the preceding quarter

In the first quarter, Hanoi welcomed seven new retail projects, including two commercial centers, two supermarkets and three electronics stores, with total space of some 763,200 square meters, up 16% year-on-year. The average occupancy rate was around 89% and the average rent dropped 3.3% against the preceding quarter.

According to the report, the total office-for-rent space supply in Hanoi reached some 1.12 million square meters, a sharp rise of 14% over the same period last year. Office rents dwindled for the sixth quarter in a row, down 2% against the previous quarter and down 15% year-on-year, staying at VND427,000 per square meter per month.

Meanwhile, in HCMC, three new hotels were opened in the first quarter, supplying 300 rooms.

By the end of the first quarter, the city had had over 11,800 rooms from 89 three- to five-star hotels.

The average room occupancy rate was 75%, up 1% over the preceding quarter, while the average room tariff fell 6% quarter-on-quarter and 11% year-on-year to around VND1.79 million per room per night.

The average occupancy rate of the three-star and four-star segments was 79%, while the rate of the five-star segment was 69%, down five percentage points against the preceding quarter.

Source: SGT