Da Nang to have 99 4-5 star hotel projects by 2024

Đặng Mỹ Miều
Content Editor
08:00:19 - August 08, 2022

Da Nang, the central coastal city, will have ninety nine 4-5 star hotel projects by 2024. These projects supply over 21,000 rooms of hotel brands, including Mandarin Oriental, JW Marriott, Le Meridien, Wink Hotels, or Lyf by The Ascott Limited.

The representative of CBRE Vietnam, a company specializing in real estate research and consulting, mentioned the above information at the press conference, aiming to announce the concentration of the real estate market in Da Nang in the first six months of 2022.

From this period to 2024, the cost of renting rooms is predicted to increase by 25%/year and reach $119/room per night. Room occupancy will restore 63% compared to pre-pandemic.

Nevertheless, CBRE explained that the operation situation could not recover to the pre-pandemic level in the next period due to unpredictable changes of Covid-19 in the world. In 2022, the room rent will increase by 30% over the same period, peaking at $79/room/night. Meanwhile, the room occupancy rate will reach 53.2%, increasing by 43.5% over 2021.

Besides, the representative added that Da Nang has no longer provided licenses for new condotel projects to resolve the supply-demand imbalance. Therefore, projects, which were licensed or on the next stage of sale since August 2021, will offer new supply for Da Nang. From 2022 to 2024, the city will have about 1,800 condotel units.

Da Nang to have 99 4-5 star hotel projects by 2024

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