09.09.2020, 12:30

Luxury hotels… on sale

Luxury hotels… on sale
The price for a double room at the Deawoo Hotel is 1.3 million VND, an 83% reduction from the regular price. Photo: CTV /CVN

To prepare for a two day and one night mission to Hanoi, M me Hoang Oanh, domiciled in 4 e Ho Chi Minh City District, logged into the Agoda site and was amazed at the very cheap prices. The price for a double room at the Deawoo Hotel in Ba Dinh District is 1316 million VND, an 83% reduction from the regular price.
We can cite other five-star hotels which have lowered their prices such as InterContinental Ho Tay (2.1 million VND, - 69%), GranVistar (1.5 million, -80%)…
M me Hoang Oanh reserved a room at the Hotel du Parc (Hai Ba Trung district) for 1.4 million instead of the 5 million before the health crisis. "A five star downtown hotel with a swimming pool and complimentary breakfast buffet, full service at such a low price, it's amazing!", she exclaimed.
Despite the health crisis, all services are prompt and flawless. Customers are rare, their entrances and exits are welcomed by the doormen who check body temperature and offer hand sanitizer.
In addition, the price of a return flight ticket Ho Chi Minh City - Hanoi, purchased at the last moment, costs only around 2 million VND. "If we have time, why not go on vacation these days! You will be the kings!" , she wonders.
Same situation for hotels in Ho Chi Minh City. Many five-star palaces in 1 er arrondissement have lowered their prices from 60% to 80%. A room for two at the New World Hotel (Le Lai Street) costs only 2.1 million VND (-68%). At the Rex Hotel, one of the city's most upscale hotels, a family room has seen its price drop from 7 million doongss to some 2 million.
Thanh Thanh, a receptionist at the Sheraton, informs that the hotels have very attractive promotions. However, the number of clients is only 20% compared to the period before the health crisis. Interestingly enough, city families are taking advantage of these promotions to book weekend rooms to spend two days in an upscale hotel, a luxury they could not afford in ordinary times. “Last Friday, during my stay, an elderly couple, my neighbors, accompanied by their grandson, took a room in the hotel. They have lived in the city for a long time but had never entered a palace. Their grandson's parents were going on a mission and gave the little boy to the grandparents. Seeing the drop in hotel prices, they decided to book a room in a five-star hotel for only two million ", still according to Thanh Thanh.
At the Rex Hotel, one of Ho Chi Minh City's most upscale hotels, a family room has seen its price drop from $ 7 million to some $ 2 million. Photo: Ngo Trung /CVN

Hotels listed for sale
Although hotels have reduced their prices to the maximum, customers are scarce. Many establishments operate at a loss, and some owners are reduced to selling them. If you search Google with the keywords "hotels for sale in Ho Chi Minh City" , one can see hundreds of results. The main ones concerned are two or three star hotels, sold between tens of billions of VND and 200 billion, depending on their location and size.
M.T, a real estate agent, says he is putting up for sale a five-star hotel overlooking two streets in the 1st arrondissement, very close to the Ben Thanh market. This establishment of 300 rooms, two conference rooms, swimming pool… is on sale for 3500 billion VND.
M.T says the owner, an overseas Vietnamese, is forced to stay abroad due to lack of flights to Vietnam. He had to entrust his property to M.T for sale. This intermediary believes that bank loans, scattered investments, growing interest, all this forces the owner to sell his property.
The property has been on sale for months, but few have contacted the real estate agent. These days, with the pandemic still not being eradicated, few decide to invest in the hospitality sector. Too risky.
During the launch of the Hotel Owners Representative service, expert Mauro Gasparotti of the company Savills indicated that the information on hotels offered for sale only concerns two or three stars or small family hotels.
The four- and five-star palaces, which belong to large investors in activities in different sectors, are much more resistant to the crisis.
Hoang Lan /CVN