Vietnamese Hotel Closures and Sales Amidst Tourism Challenges

• Hotels in Vietnam, particularly in Ho Chi Minh City, are experiencing closures and are being listed for sale due to lower-than-expected visitors, revenue, and the need for capital expenditure.
• Centara Hotels & Resorts is entering the Japanese market with the opening of Centara Grand Hotel Osaka, featuring 515 rooms, world-class dining options, and extensive meeting facilities.
• The Philippines conglomerate Alliance Global Group plans to allocate Php4 billion for the expansion of Manila’s Newport World Resorts, part of a broader Php70 billion investment for 2023.

More reports are coming out of Vietnam about hotels closing or being put up for sale. The latest article said a Google search “for sale hotels in Ho Chi Minh City” brought up hundreds of results. The Ho Chi Minh City Department of Tourism said in District 1 there are 308 tourist establishments and about 20 have closed, […]