According to property consultancy Savills, HCM City had nearly 17,000 hotel rooms in the third quarter of 2026. Average room rates stood at around VND 2.4 million per night, while occupancy reached 70 per cent.
Although both indicators declined from the previous quarter, they remained above levels recorded in the same period of 2025.
Mauro Gasparotti, senior director and head of Southeast Asia hotel advisory at Savills, said the slight decline reflected seasonal tourism patterns.
He noted that limited new hotel supply in the near term would help the market benefit from rising demand during the year-end peak season.
Nguyen Thi Kim Trang, director of Vien Dong Hotel, said HCM City's hotel peak season typically begins in the third week of October and lasts until March, driven largely by visitors from Europe and the United States.
Hotel occupancy generally remains at 70-80 per cent during this period, occasionally exceeding 90 per cent on major holidays, she said.
Figures from the municipal Department of Tourism showed that HCM City welcomed more than 8.5 million international visitors in the first nine months of 2026, up 34.5 per cent year on year, alongside nearly 40 million domestic visitors.
New supply remains limited in the luxury hotel segment.
According to Knight Frank Vietnam, the city had approximately 7,410 five-star hotel rooms in the first half of 2026, including around 4,700 operated under international brands.
More than 70 per cent of the supply was concentrated in the former District 1, while eastern and southern areas offered potential for future luxury hotel development.
Knight Frank expects little significant new five-star hotel supply through the end of 2027, as several projects in central locations have faced delays.
With accommodation demand expected to rise during the year-end peak season, limited supply is helping existing hotels maintain occupancy and room rates, particularly in central areas.
Some hotel owners are reinvesting in room upgrades, additional amenities and management technology to increase revenue per room.
Over the longer term, Knight Frank said HCM City's planned International Financial Centre and growing demand for high-quality accommodation could attract more luxury and ultra-luxury hotel brands over the next three to five years.
The serviced apartment market is also recording strong occupancy.
Savills reported more than 7,000 serviced apartments across 146 projects in HCM City, with occupancy of approximately 85 per cent and average rents approaching VND 600,000 per square metre per month.
Long-term tenants remain the main source of demand, alongside business event visitors and short-stay guests. Demand from foreign professionals is expected to continue supporting the segment.
