Tourism Many hotel owners sell their properties due to Covid-19 By Dao Loan Thursday, Aug 13, 2020,18:43 (GMT+7) Many hotel owners sell their properties due to Covid-19By Dao Loan Hotels along the beach in Nha Trang City – PHOTO: DAO LOAN HCMC – Apart from laying off staff, several hotel owners in Vietnam have also had to resort to selling their properties at low prices due to the Covid-19 pandemic. In the early days of the pandemic, many small hotels were sold. But until now, some owners of four- or five-star hotels, which are supposed to have large capital reserves, have also had to put their properties up for auction or seek buyers. A five-star hotel in HCMC is seeking buyers at US$160 million, while a riverside hotel has an offer price of US$425 million. In the coastal city of Nha Trang, a beachfront five-star hotel has an offer of VND1.5 trillion (US$65 million), while a four-star hotel on Phu Quoc Island has an offer of VND700 billion. A businessman told The Saigon Times that there could be more hotel owners selling their properties in the time to come because the hospitality market has been down for too long and it would need at… Read full this story
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