Phu Quoc hotel supply is heading for about 31,000 rooms by 2030, up from about 19,000 today, according to CBRE figures reported by Skift on 14 October. Much of it is timed to open before Vietnam hosts APEC on the island in November 2027. Visitor numbers justify some of the build. But the case for most of these rooms rests on what happens in 2028–30, and in the wet-season months, not in summit week. That is where owners should focus their underwriting.
Key facts
- Room stock: about 19,000 rooms now, about 31,000 by 2030 (CBRE, via Skift); +12,000 rooms, or about 63%, by our calculation
- Branded pipeline: more than 11,300 branded rooms from 2026, about 65% upscale or upper upscale (Horwath HTL, via Skift)
- Demand needed: about 10% annual growth in occupied room nights to 2030 to hold 58% occupancy (CBRE)
- 2025 average occupancy: 58%
- Seasonality: above 90% in January–February 2026; 45.6% in May 2026
- Visitors, January–September 2026: 8.57 million, up 30.5%; international 1.92 million, up 60.2% (An Giang tourism authorities, via VietnamPlus)
- Tourism revenue, same period: VND 45,976bn, up 47.7%
- Largest single project: Sun Group’s Ruby Beach complex, phase one 17 towers and more than 7,000 rooms
What happened
Developers are racing to finish hotels before November 2027. Sun Group’s Ruby Beach scheme at Bai Dat Do, in the south of the island, has 17 towers and more than 7,000 rooms in phase one, with Marriott brands lined up, as we covered in our Sun Group–Marriott analysis. Speaking to Skift, CBRE’s Ananth Ramchandran said that holding 2025’s 58% occupancy would need occupied room nights to grow about 10% a year through 2030, a pace he called plausible if growth holds. Horwath HTL’s Matt Gebbie said owners should expect discounting as supply lands, and that he would not underwrite a hotel on the APEC spike.
The demand side is strong
The island has outrun its own targets. An Giang’s tourism figures, reported by VietnamPlus, show:
| Indicator, January–September 2026 | Value | Change |
|---|---|---|
| Visitors to Phu Quoc | 8.57 million | +30.5% |
| International visitors | 1.92 million | +60.2% |
| Tourism revenue | VND 45,976bn | +47.7% |
| Same period 2025, visitors (our calculation) | About 6.57 million | |
| Same period 2025, international (our calculation) | About 1.20 million |
International demand is the fastest-growing part, and it is the most exposed to air capacity and visa policy. One weak season for a major source market would show up quickly in the island’s occupancy.
Why it matters
Two measures of supply are in circulation, and owners should not mix them. CBRE’s 19,000 rooms is a market stock count used for occupancy maths. The 26,461 rooms of all types at the end of 2024, cited in our Sun Group–Marriott piece, is a wider count that takes in every kind of lodging. Either way, the direction is the same: the branded, upscale end is where most new rooms land.
| Supply view | Figure |
|---|---|
| CBRE stock, now | About 19,000 rooms |
| CBRE stock, 2030 | About 31,000 rooms |
| Branded pipeline from 2026 (Horwath HTL) | 11,300+ rooms, ~65% upscale or upper upscale |
| Sun Group Ruby Beach, phase one | 7,000+ rooms |
Our view: a 10% a year demand path is possible but leaves no margin. Visitor growth of 30% this year flatters the base. As the base gets bigger, the same percentage gains get harder.
What it means for you
1. Owners: build the budget on May, not November 2027
At 45.6% occupancy in May 2026, the wet season already tests cash flow. Add 12,000 rooms and the low months get lower. Stress-test debt service at wet-season occupancy below today’s level.
2. Independent and unbranded hotels feel discounting first
Horwath HTL expects discounting during absorption. Branded hotels can lean on loyalty and group contracts; independents cannot. Lock in tour-operator and MICE allocations for 2028 now, while the island is still tight.
3. Operators: watch the 2028 group calendar
APEC fills rooms for one week. What keeps big hotels full afterwards is a calendar of conferences, incentives and events. Ask who is selling 2028 group business on the island, and at what rate.
4. Lenders: separate the summit from the base case
A pre-APEC opening date is a marketing date. Credit committees should look at 2029 occupancy and the low season, not at peak-week rates.
FAQ
How many hotel rooms does Phu Quoc have?
About 19,000 in CBRE’s stock count, as reported by Skift in October 2026. Wider counts that include small lodging are higher.
How many rooms will Phu Quoc have by 2030?
About 31,000, according to CBRE, an increase of about 12,000 rooms.
What is Phu Quoc’s hotel occupancy?
It averaged 58% in 2025. It was above 90% in January and February 2026 and 45.6% in May 2026.
How many visitors did Phu Quoc receive in 2026?
8.57 million in January–September 2026, up 30.5%, including 1.92 million international visitors, according to An Giang tourism figures.
When is APEC in Phu Quoc?
November 2027.
