Ho Chi Minh City hotel rates are up about 20% in a year, and almost no new supply is coming to the city centre. Savills’ Q3 2026 data puts the average 3–5-star rate at about VND 2.4m a night, even in the low season. For owners and operators, the point is not that the market is strong. It is that the window has an end date: the next large block of rooms and event space opens in Can Gio from July 2027, and that is the date to plan around.
Key facts
- Rate: 3–5-star average about VND 2.4m a night in Q3 2026, up 20% year on year (Savills)
- Occupancy: about 70% for 3–5-star in Q3, slightly down on Q2 for seasonal reasons (Savills)
- Five-star: about US$250 a night, 75–80% occupancy (Avison Young, Q3 2026)
- Four-star: about US$150 a night, 72–78% occupancy (Avison Young, Q3 2026)
- New openings: none expected in Q4 2026, one in 2027 (Savills)
- Next big supply: Vinpearl Can Gio from July 2027, then about 1,900 Marriott and IHG rooms in Can Gio from 2028 and 2030 (Vinpearl, Avison Young)
What happened
Two consultancies published Q3 2026 hotel figures for Ho Chi Minh City in mid-October, and they point the same way.
Savills measured the wider 3–5-star market. Occupancy slipped to about 70% in the quarter, which Savills put down to the season. The average rate still rose 20% on a year earlier. Savills said some hotels reopening after renovation and rebranding also lifted the quality of existing stock.
Avison Young’s Q3 report looked only at upscale hotels. Rates improved on the previous quarter and occupancy held, supported by corporate travellers, foreign experts and international guests. No significant new supply opened in the quarter.
| Segment | Average rate | Occupancy | Source |
|---|---|---|---|
| 3–5-star, all | About VND 2.4m (+20% year on year) | About 70% | Savills, Q3 2026 |
| Five-star | About US$250 | 75–80% | Avison Young, Q3 2026 |
| Four-star | About US$150 | 72–78% | Avison Young, Q3 2026 |
Why it matters: the supply calendar
Pricing power in a hotel market usually ends when new rooms arrive. In Ho Chi Minh City, the calendar for that is now fairly clear:
| When | What arrives | Where |
|---|---|---|
| Q4 2026 | No new hotel openings expected (Savills) | — |
| 2027 | One new hotel project expected (Savills) | City |
| July 2027 | Vinpearl Can Gio: themed hotel, boutique hotels and 137 villas (Vinpearl) | Can Gio |
| November 2027 | Blue Wave convention centre for nearly 10,000 guests (Vinpearl) | Can Gio |
| Medium term | Caption by Hyatt Ba Son, Nobu Hotel Ho Chi Minh City (Avison Young) | Old District 1 and riverside |
| 2028 | JW Marriott Saigon Can Gio and Four Points by Sheraton, about 780 rooms | Can Gio |
| 2030 | Four IHG hotels, more than 1,000 rooms | Can Gio |
Savills said in Q2 that about 900 new four- and five-star rooms were expected by 2029, almost all in the old District 1. Against a 3–5-star base of roughly 17,000 rooms, that is a small increase spread over several years.
Can Gio is different. It is a new resort and leisure market at the city’s southern edge, built around Vingroup’s reclaimed-land project and its Vinpearl hotels due from July 2027. It will compete with city hotels for weekend leisure, events and incentive groups. It will not compete much for weekday corporate rooms in the old District 1.
Hanoi shows what happens when brands arrive
Hanoi had the opposite quarter. Avison Young said five-star rates there rose from US$185 to US$230 a night quarter on quarter, and four-star from US$106 to US$130, as Fairmont, LÈGACY and The Adore entered the market. New luxury product raised the benchmark rather than diluting it.
Our view: the same could happen in Ho Chi Minh City when Nobu and Caption arrive. New brands at the top tend to lift the published ceiling first and squeeze older five-star hotels that have not been refreshed. The risk for owners is not more rooms. It is being the oldest product in a rising market.
What it means for you
1. City-centre owners: lock in the rate, not just the occupancy
With almost no new city-centre hotels before 2028, this is the time to push corporate contract rates for 2027 and multi-year MICE deals. Those deals will still be running when Can Gio opens.
2. Owners of older five-star hotels: renovate before Nobu and Caption open
Savills credited refurbished and rebranded hotels with lifting the market. If your rooms have not been renovated in a decade, start before the new luxury hotels set a higher bar.
3. Revenue managers: separate weekday and weekend strategy
Can Gio’s 2027–2030 supply will hit weekend leisure and group business first. Build your 2027 and 2028 budgets on weekday corporate demand holding and weekend leisure softening.
4. Investors: entry prices already reflect the freeze
A 20% rate rise with flat supply is visible to every seller. Underwrite on 2028–2030 rates after Can Gio opens, not on 2026 peak trading.
FAQ
How much have Ho Chi Minh City hotel rates risen?
About 20% year on year for 3–5-star hotels, to roughly VND 2.4m a night in Q3 2026, according to Savills.
What is the average five-star hotel rate in Ho Chi Minh City?
About US$250 a night in Q3 2026, with occupancy of 75–80%, according to Avison Young.
Are new hotels opening in Ho Chi Minh City?
Savills expects no new openings in Q4 2026 and one in 2027. Nobu and Caption by Hyatt are in the medium-term pipeline.
When will Can Gio hotels open?
Avison Young says Marriott’s two Can Gio hotels, about 780 rooms, are expected in 2028, and IHG’s four hotels, more than 1,000 rooms, in 2030. Vinpearl has its own Can Gio hotels due from 2027.
Is Ho Chi Minh City hotel occupancy falling?
Savills recorded a small seasonal dip to about 70% for 3–5-star hotels in Q3 2026. Avison Young said upscale occupancy held at 72–80%.
