The rapid growth of Airbnb and condotels is posing significant challenges to traditional hotel business in Vietnam.
General Manager of Novotel Phu Quoc Resort Lee Pearce said that there are several pitfalls and advantages when investing in condotel.
The new concept of Luxury, creating and embracing additional values is considered as identity to make the local hospitality sector more attractive and adapted to ever-changeable demands.
Minister of Construction Pham Hong Ha proposed to amend the Land Law to allow using the land for trade in tourism services in the long term with obtaining land use fees similar to residential land.
The emerging trend of “condotels” and “officetels” (condominiums and offices treated as hotels) as attractive investment options in the country requires that the legality of such properties are clarified urgently, experts say.
