In Hanoi, many hotels are temporarily closed, waiting to be liquidated or converted to other models due to business losses, including 4-5 star hotels. According to an owner of a 2-star hotel on Hanoi’s Ma May Street, many places were forced to shrink their scale of operation. “Many hotels had to be transferred or liquidated. The current prices depend on the location, facilities, negotiation, and are generally rather low. However, the number of people asking to buy can be counted on a few fingers,” said the hotel owner. … [Read more...] about Exhausted finances put hotels on sale
Hotel room rate
Tourism demand stimulus program may fail as service providers break promises
According to Dat, Sa Pa did very well in the first stimulus campaign. The Lao Cai provincial Tourism Department gathered service providers in the campaign. Under the supervision of the local tourism association, those who broke promises were weeded out from the program. … [Read more...] about Tourism demand stimulus program may fail as service providers break promises
Hotel rates down steeply as COVID-19 keeps away tourists
However, while COVID-19 seems set to have far-reaching and dramatic implications on the hotel landscape of tomorrow, the long-term outlook for Viet Nam remains positive, thanks to imminent improvement in infrastructure, favourable visa policies and the desire to turn tourism into a key industry. … [Read more...] about Hotel rates down steeply as COVID-19 keeps away tourists
Mergers between behemoths to revive paralysed tourism market
On August 25, Service Properties Trust (SVC), a real estate investment trust which owns a diverse portfolio of 149 distinct brands across 23 industries, announced that it would transfer the branding and management of 103 IHG hotels to Sonesta International Hotels Corporation. Previously, SVC sent notice of termination to IHG for failure to pay minimum returns and rents due for July and August totalling $26.4 million plus interest, and IHG had until August 24 to make payments. … [Read more...] about Mergers between behemoths to revive paralysed tourism market
Khánh Hòa Province to kick-start tourism in the fourth quarter
Nguyễn Thị Lệ Thanh, deputy director of the provincial Department of Tourism, said the tourism supply chain in Khánh Hòa has remained in operation during the second wave of COVID-19 since the province is not considered to be at high risk. … [Read more...] about Khánh Hòa Province to kick-start tourism in the fourth quarter
