HCMC hotel occupancy hits record low
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HCMC’s average hotel occupancy rates dropped 54 percentage points year-on-year to 20 percent last year as Covid-19 travel restrictions hit foreign arrivals, a report says.
Over 3,600 hotel rooms were closed last year as the number of foreign tourist arrivals plunged 85 percent year-on-year to 1.3 million, according to real estate consultancy Savills.
Average room rates fell 29 percent year-on-year to $61 per night, the report said. Total supply fell 5 percent year-on-year to 15,200 rooms in 111 hotels.
The development of Covid-19 vaccines will help the industry improve over the next two years and it is expected to make a full recovery by 2024, the report said.
Vietnam halted all international flights from March 25 in an unprecedented move to stem the spread of the novel coronavirus.
Questions & Answers
Q.What was the specific drop in hotel occupancy rates in HCMC last year?
What was the specific drop in hotel occupancy rates in HCMC last year?
HCMC's average hotel occupancy rates decreased by 54 percentage points year-on-year, reaching a record low of 20 percent. This significant drop was primarily due to Covid-19 travel restrictions impacting foreign arrivals.
Q.How many hotel rooms were closed in HCMC last year and what caused this?
How many hotel rooms were closed in HCMC last year and what caused this?
Over 3,600 hotel rooms were closed in HCMC last year. This was a direct consequence of the 85 percent year-on-year plunge in foreign tourist arrivals, which fell to 1.3 million.
Q.When is the HCMC hotel industry expected to make a full recovery?
When is the HCMC hotel industry expected to make a full recovery?
The HCMC hotel industry is expected to make a full recovery by 2024. The development of Covid-19 vaccines is anticipated to help the industry improve over the next two years, leading to this recovery.
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