Hanoi (VNA) -Analysts from real estate consultant Jones Lang LaSalle have said domestic andforeign investors alike are actively seeking to purchase high-end hotels in downtownareas, mostly due to limited land supply.
Restricted credit goingto domestic investors is also expected to see more foreign investors arrive,especially those hoping to buy shares in existing projects.
The total worth ofhotel purchases in Vietnam last year was 358 million USD, accounting for about17 percent of the Southeast Asian region’s total.
HCM City is one of themost searched markets in Vietnam but there have been no deals recently.
Coastal areas are consideredmore promising, with a deal for the 280-room Sheraton hotel in Nha Trang being ofparticular note.
The capital Hanoi saw sharepurchases in the 138-room InterContinental Hanoi Westlake hotel and the 90-roomSomerset Westlake Hanoi serviced apartment building.
Since COVID-19 brokeout, both Hanoi and HCM City have posted declines in their revenue peravailable room (RevPAR) index.
The index grew 7.4 percentannually on average during 2014-2019, with hotel supply up 7.6 percent and thetotal tourist numbers up 9 percent on average each year.
The index has reboundedin both cities since May, with month-on-month increase of 33.4 percent in Hanoi and 7.1 percent in HCM City.
According to analysts,hotels in Hanoi have attracted domestic visitors and businesses from nearbylocalities as the city is less affected by the border shutdown./.
