According to a recent report by property consultancy Savills, Hanoi has experienced a 3% increase in five-star hotel rooms in the second quarter of 2024 compared to the first quarter. This growth is largely attributed to several four-star properties upgrading their services. Currently, the city boasts over 11,000 hotel rooms across 67 projects, marking a significant development in its hospitality sector.Notable among the upgrades is the Movenpick Living West in the Cau Giay District, which has transitioned from its previous identity as Eastin Hotel & Residences. Mauro Gasparotti, Director of Savills Hotels, highlighted that the hotel and condotel sectors are capitalizing on the resurgence of tourism by rebranding or launching new projects to enhance competitiveness and market share. Michael Piro, CEO of real estate advisory Indochina Capital, reported that Vietnam welcomed 8.8 million foreign tourists in the first half of 2024, surpassing the pre-COVID level of 8.5 million. This growth reflects a broader trend in the Asia-Pacific region, where countries like South Korea, Japan, Thailand, and Singapore are also witnessing expansions in their hotel markets. The World Travel & Tourism Council forecasts that visitor numbers to Asian countries could increase by over 33% in 2024 compared to the previous year. Gasparotti emphasized that property developers must focus on optimizing operational efficiency, enhancing service quality, and diversifying their offerings to fully leverage the recovering tourism sector. In terms of performance, the average hotel occupancy rate in Hanoi during the second quarter reached 67%, representing a 2 percentage point increase from the previous quarter and a 3-point rise year-on-year. Although average rates for four- and five-star rooms dropped by 6% from the previous quarter, they still reflect a 9% increase compared to the same period last year. Additionally, CBRE, another leading property consultancy, reported that revenue per available room in both Hanoi and Ho Chi Minh City has reached 80% of pre-COVID levels in the first half of 2024, a notable improvement from 70% recorded a year ago.According to: VNE