Fusion Hotels & Resorts, under Lodgis Hospitality Holdings, will add three properties across Vietnam to its current portfolio of 16 hotels in Vietnam and Thailand in the next 12 months, the hotel management company announced Monday.
The opening of the three, namely Fusion Resort & Villas Danang in the central coastal city of Danang, Fusion Suites Hanoi in the capital city, and HIIVE Binh Duong in the southern industrial province of Binh Duong, demonstrated the signs of positive recovery in travel, said Christopher Hur, president of Lodgis Hospitality Holdings.
The 172-key HIIVE Binh Duong hotel, the first of the trio to open, aims to serve mid-level business travelers, with a range of meeting facilities, co-working spaces and accommodations geared to business guests.
The 242-key Fusion Resort & Villas Danang is set for opening in fall 2023, offering wellness services, a top priority of Fusion since its establishment in 2008.
The 238-key Fusion Suites Hanoi, also the first Fusion facility in Hanoi, is designed to serve extended stays.
Fusion began with only one property in Vietnam in 2008. In 2016, it was acquired by Lodgis Hospitality Holdings, a platform established by global private equity firm Warburg Pincus and Vietnam’s leading investment management firm VinaCapital.
Vietnam’s tourism revenue doubled year-on-year to VND4,646 billion ($196.99 million) in the first two months of this year, according to the General Statistics Office.
The country welcomed 933,000 foreign visitors in February, up 31.6 times year-on-year, bringing the January-February total to 1.8 million, up 36.6 times. Despite the massive growth, the two-month figure was equal to only 60% of the same period of pre-pandemic 2019.
Resort real estate was expected to strongly recover after Vietnam resumed international flights and reopened tourism post Covid-19, but is likely to remain in hibernation due to general economic difficulties and lingering legal issues facing the segment, according to experts.