REGIONAL REPORT
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VIETNAM
An “ if you build it , they will come ” scenario is playing out in Vietnam ,
where a lively lodging development scene helps draw new visitors at an impressive rate — more than 20 % annually in recent years — to a country where tourism is still a nascent business . New hotels in the major cities and dotted along the country ’ s 2,000-mile coastline and islands seem to sprout weekly , with much more in the pipeline as developers and brands rush to plant a flag in what promises to be an indefinite vibrant market .
Hotel development in Vietnam has gotten a boost in recent years as the central government has embraced the idea that tourism is good for the country . Banks , too , at last see the potential of hospitality real estate projects and are more open to lending , says Baron Ah Moo , founding partner of BLI Capital Group and a U . S . -based consultant with a long history of advising on projects in the country .
The result is that money is materializing from investors in Hong Kong , Singapore , others in Southeast Asia and home-grown developers angling for a piece of the action . The three major cities — Hanoi , Ho Chi Minh City and Danang — are established travel destinations and have seen an uptick in international arrivals along with new hotel construction . A fourth destination , Nha Trang / Khanh Hoa , has been a hotbed of development and saw a whopping 70 % jump in international visitors last year .
But that sprawling coast with its pristine beaches has beckoned many investors . A sampling of activity :
• Hue , the nation ’ s historic capital , saw
42 hotelsmag . com March 2018