By the end of 2022, Da Nang is expected to have 10 more projects with 2,442 rooms, bringing the total supply of 4- and 5-star hotels to nearly 18,000 rooms with 91 projects.
By 2024, the central coastal city is expected to have a total of 99 4-5 star hotel projects, with a total offering of more than 21,000 rooms with a range of new brands being launched such as Mandarin Oriental, JW Marriott, Le Meridien, Wink Hotels or Lyf by The Ascott Limited.
The coastal area of Da Nang welcomes more room offerings. Photo: Nhan Tam
This information was just shared by a representative of CBRE Vietnam – a company specializing in real estate research and advice – on July 26 at the press conference to announce the focus of the Danang real estate market in the first half of 2022.
From now through 2024, room rents are predicted to increase by 25% per year, reaching $119/room/night by 2024. Room occupancy will recover to pre-epidemic levels of 63%.
However, according to CBRE, the operating situation in the near future will not be able to return to the pre-epidemic level in the near future, as the unpredictable developments of the Covid-19 epidemic in the world could affect the situation. Therefore, by 2022, room rents are predicted to increase by 30% over the same period to $79/room/night. Room occupancy will reach 53.2%, an increase of 43.5 percentage points from 2021.
Also at the press conference, a representative of CBRE Vietnam said that Da Nang has stopped licensing new condotel projects since August 2021 to solve the supply-demand imbalance after a long period of hot growth, so in the future it will new offerings mainly come from pre-licensed projects or the next stage of sale. In the period 2022 – 2024, Da Nang will have approximately 1,800 condotel units.
@ Saigon Tiep Thi