VietNamNet Bridge - Foreign investors hold a stake in about 60 percent of 5-star hotels in Hanoi and HCMC, and are continuing to pour money into the profitable hotel sector. A survey conducted by VnExpress found that of 19 5-star hotels located in the most advantageous positions in HCMC, 10 hotels are foreign invested. The market approach preferred by foreigners is to acquire enough shares to have the right to control the hotels. Investors in Hong Kong, Singapore and South Korea have been increasing their presence at many high-end luxury hotels in HCMC. Keck Seng Investments is the best known Hong Kong investor which invests in two 5-star hotels in HCMC. The real estate tycoon of the Fragrant Harbor holds 64 percent of shares in Sheraton and has 25 percent of interests in Caravelle hotels. RELATED NEWS Vietnam hotel market attracts foreign investors Da Nang improves hotel competitiveness Kim Mai … [Read more...] about Who are the owners of 5-star hotels in HCM City and Hanoi?
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Ten out of 19 five-star hotels in the best locations in HCMC have foreign owners, according to VnExpress data. They include Sheraton, Caravelle, InterContinental, Asiana Saigon, and Sofitel. Many of the foreign investors came to the country in the last two decades and first began by partnering local firms. One of them, Singapore-based Glynhill Investment Vietnam, established the Caravelle together with travel agency Saigon Tourist in 1992 with a capital of $61.5 million. In 1994 Lam Ho Investments, another Singaporean firm, signed a deal with Saigon Tourist to build the Sheraton hotel at a cost of $97 million. UOL Group, one of Singapore’s top real estate firms, picked up a 26 percent stake in the five-star Sofitel Saigon through its subsidiary, the Pan Pacific Hotel Group. Hong Kong investors also own stakes at premium hotels in HCMC. One of them, Keck Seng Investments, has a 64 percent stake in the Sheraton and 25 percent in Caravelle. Koreans, late entrants in the market, … [Read more...] about Foreigners big investors in Hanoi, HCMC 5-star hotels
Vietnamese citizens accounted for 19.2 percent of 4-star and 5-star hotels guests in 2017, according to a report released Tuesday by global consulting firm Grant Thornton. Although this is a slight decrease from last year’s figure of 20.8 percent, the number of domestic guests staying at upscale hotels had increased for three consecutive years from 2014 to 2016, says Grant Thornton’s “Executive Summary Hotel Survey 2018.” These figures affirm the findings of market research firm Nielsen, which said more Vietnamese citizens are willing to spend big on fancy items and services to “enhance the quality of life.” In the first quarter this year, 46 percent of respondents were willing to spend their spare cash on holidays, an increase of 2 percentage points from the last quarter of 2017, the Nielsen report said. The hotel industry is witnessing a similar trend. A representative of the 5-star Hotel des Arts Saigon said that 70 percent of the hotel’s … [Read more...] about Rich Vietnamese spending big on local 5-star hotels
Lotte Center Hanoi is a complex of high-class apartment, Grade A office, 5-star hotel and modern shopping center. (Illustrative image. Photo: VNA) Ho Chi Minh City (VNA) – The average room rate for five-star hotels in Vietnam in 2017 recovered from a 2.2 percent decline from the previous year, picking up 4.2 percent to 107.6 USD, according to a recent survey by US-based audit, tax, and advisory service provider Grant Thornton. Four-star hotels experienced a similar trend, seeing their rates climb 1 percent to 75.2 USD last year, the Hotel Survey 2018 by Grant Thornton revealed. This year’s report marks the 15th consecutive year of the US firm conducting the comprehensive research on high-end hotels and resorts in Vietnam. According to the survey, Vietnam welcomed 86 million domestic and international visitors in 2017, an increase of 19 percent from 2016. To accommodate the increasing arrivals, a large amount of investment was pumped into the country’s hospitality … [Read more...] about Five-star hotel room rate rebounds in 2017: Survey
The signing ceremony for developing Mandarin Oriental Hotel in HCM City. — VNS Photo Mandarin Oriental Hotel Group on Wednesday announced plans to set up its first five-star hotel in Viet Nam. Under an agrement signed with Union Square Saigon Company on Wednesday, Manadarin Oriental will develop the hotel at the Union Square Saigon building in HCM City which has four facades looking over Nguyen Hue, Dong Khoi, Le Thanh Ton, and Le Loi streets. The hotel will come up between the fourth and ninth floors of the existing building. The remaining floors will continue to house the shopping mall and food and beverage areas. Scheduled to open next year, it will have 228 guest rooms, six restaurants and bars, a spa, and an outdoor pool of international standard. Richard Baker, chief relationship officer of Mandarin Oriental Hotel Group, said: “Our hotels and resorts have their own personality with a distinctive sense of place, thereby reflecting the best of their city or country. We … [Read more...] about HCMC to get 1st Mandarin Oriental 5-star hotel