Prices at five-star hotels in Hanoi to reduce

Due to the impacts of the global economic crisis, the number of foreign tourists to Vietnam decreased. In the fourth quarter of 2009, Vietnam welcomed nearly 1.03 million visitors, an 11.7% decrease year on year.
CB Richard Ellis Group, Inc (CBRE) reported that in the fourth quarter, prices at five-star hotels reduced by 16% year on year and by 8.65% compared to the previous quarter.
Each room in five-star hotels in Hanoi costs USD125 a night on average. On the contrary, rooms in four and three-star hotels cost USD75 and USD41.4 a night, respectively.
CBRE Vietnam’s Executive Director, Richard Leech, forecasts that hotels are likely to have an additional 1,000 rooms in the fourth quarter of 2010. Particularly, Holiday Inn announced the construction of a hotel in Chua Boc Street (Hanoi) and Kinh Bac invested in the Lotus, Hanoi City Complex project.