Vietnam Has an Oversupply of Hotels

• China hotel RevPAR showed significant year-over-year growth of 50.4% for the week ending July 1, 2023, compared to a decline in 2019 and 7.6% decline in the same period.
• Vietnam’s international visitor numbers reached 70% of their 2023 projection but remained below expectations due to fierce competition and an economic recession. Domestic tourism in Vietnam is also experiencing a decline.
• Worldwide Hotels Group made significant acquisitions in Melbourne and Singapore, representing the largest hotel transaction in Melbourne in over six years and the largest single-asset Singapore hotel transaction in Asia Pacific in 2023.

STR reported China hotel data for the week ended July 1. The end of the first half of the calendar year 2023 was a week that had China hotel RevPAR up 50.4% year over year, up against a decline of -7.6% comp. When compared to the same week in 2019, China hotel RevPAR was up 13.2%. Vietnam’s General […]