The rapid growth of Airbnb and condotels is posing significant challenges to traditional hotel business in Vietnam.
Just building large rooms or lobbies no longer delivers a sustainable competitive advantage and guest satisfaction for condotel projects, according to the leading real estate consultancy firm Savills Vietnam.
After a fruitful year with the booming of the hotel and office sectors, Vietnam's real estate market is expected to be more robust with the presence of integrated resorts.
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.
