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Phu Quoc Island – best hotel business in Vietnam

Thu, 26 Jun 2014. Last updated Wed, 17 Sep 2014 17:42

Compared to that of large tourist cities such as Vung Tau, Nha Trang, Da Nang, Hanoi and even Ho Chi Minh City, hotels in Phu Quoc Island have best business result and highest revenue throughout Vietnam.

According to the latest research of CB Richard Ellis Vietnam (CBRE), the average revenue per available room (RevPAR) of two highest-ranking hotels in Phu Quoc in 2013 was $ 124, while that of Mui Ne - the capital of resorts - reached just $ 115.8, of Ho Chi Minh City was $ 123.2, and of Hanoi was $ 102.27. The average occupancy rate of luxury hotels in Phu Quoc is maintained stably during the last 3 years, approximately at 75 percent. Small-scale hotels which possess from 17 to 43 rooms often achieve 80% occupancy or more. Resorts built in Bungalow style tend to reach higher occupancy than high-rise hotels because most tourists visiting Phu Quoc, especially international tourists, prefer to stay in hotels which are close to nature and do not lose the natural landscape of the island.

 

Phu Quoc beach view from La Veranda Resort

 

In term of price, a 4-star luxury hotel or resort in Phu Quoc averagely has a price of $ 180 to 200 for one room per night with the occupancy of 80 percent. Meanwhile, a 4-star average hotel targeting to domestic tourists offers a price of $ 50 to 100 for one room. Nevertheless, in the near future, the rate is expected to decrease about 50 to 60% when Phu Quoc Island is connected to national grid.

Business result of Phu Quoc tourism also chanes seasonally. Hotel occupancy is reported to reach very high rate in the period from January to March (high season) before descending from Mid-May to September (low season). Occupancy rate recovers in the early October when another high season starts. Similarly, the room rate in Phu Quoc declined significantly in low season compared to that of high season. Both occupancy and room rate peak in the period of Christmas and the New Year which means December and January. It fall sharply in June when the rainy season begins.

 

LaVita Hotel

 

Those aforementioned impressive numbers, plus with available potential of landscape and climate, Phu Quoc is attracting a huge number of investors. Several large investors in real estate have “jumped into” this potential market such as Crowne Plaza, a well-known brand of InterContinental Hotel Group (IHG), and Novotel, a brand of hotel operator Accor Group.   

 

Deluxe room in La Verandar Resort

 

In addition to those two hotels, there are many other projects which have been built in recent months such as Crowne Plaza Phu Quoc Hotel by BIM Group, which will provide 400 luxury rooms; and 4-star Novotel Phu Quoc Resort in the complex of Sonasea Vilals & Resort by CEO Group. Expectedly, projects will be completed in 2015 and 2016.

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