Investment in high-end hotel service escalates By Minh Tam A view of the Hotel Majestic Saigon situated at the corner of Dong Khoi and Ton Duc Thang streets in HCMC – PHOTO: SAIGONTOURIST HCMC – The country has seen an escalation in investment in luxury hotels thanks to the rising number of tourists, according to audit and financial consulting firm Grant Thornton Vietnam. Citing data from the Ministry of Culture, Sports and Tourism in a 2018 survey on the hotel service, released on July 10, the firm pointed out that in 2017, Vietnam had an additional 79 operational hotels of three to five stars, 10 of them meeting five-star standards, taking the total number of three-to-five-star hotels to 101,400, up 10% against 2016. Trinh Kim Dung, advisory services manager of Grant Thornton Vietnam, told the Saigon Times that the supply of rooms in three-to-five-star hotels rose by 10% over two consecutive years, which put pressure on tourist attractions and room prices. The high-end hotel supply will continue to rise as foreign investment capital is constantly being channeled into the service and a series of new tourist destinations, such as the Van Don economic zone, will soon be introduced, Dung said. Besides foreign investors, local investors have also shown greater interest in the hotel market. Dung attributed the attraction of the hotel sector to the growing number of Vietnamese tourists who want to stay at four-to-five-star hotels. The survey by Grant Thornton Vietnam indicates that 2017 saw the number of local… [Read full story]
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