The grand Tran Quang Khai Hotel race! Low season all seasons edition!
Construction of yet another hotel in Nha Trang. On Tran Quang Khai only, there are 6 hotels in various stages of completion (on a 200m stretch). One seems stopped on the corner of Tran Phu (across the Sailing Club no less, imagine staying there on a Friday night...), started by Ocean Group and financed probably by the beleaguered bank marred in scandals of the same name (Vietnam Business Tycoon in Custody for Fraud). This particular one will have upward 250 rooms (more than the capacity of the Sheraton Hotel), good luck for the new owners (I am sure there are some fools jumping all over themselves to ''profit from this great opportunity!)...
Across the street, 2 others (another 300+ rooms) are in constructions (one for over 1 year and half). The race does not even stop there...across The Oasis Bar ( Another great ''quiet'' spot to have built an hotel!) there this new hotel being built at fast pace! Another 220 Rooms! You think there can be no more constructions going on? You would be wrong! All in all, More than 900 coming on stream at some point our the other, and that's only on Tran Quang Khai st. !!! The big boys are constructing even more bigger on Tran Phu St.
Of course, this is adds to the already ample over capacity of rooms in town. Imagine, one can find a 4 stars hotel room with a view on the bay at less than 40$! How does investors of those hotels feel about their rates of returns? My guess is they don't know anything about ROI. We have not seen Nha Trang full of tourists since 2011, but never mind! Logic don't applies for Vietnamese investors and there will be a real estate crash that will shake the foundation of many Vietnamese Banks for years to come. Speaking about banks, some even managed hotels on their name! BIDV Hotel and Conference Center? Haha! Is there not conflict of interest here? The state owned bank where we do our banking is directly competing against us! Let's add that Vietnam doesn't have proper bankruptcy laws (you go to prison if you don't pay)...what a mess. Privatize profits, socialize the losses in all its splendor!
Built and they will come? Will we ever see those hotels full anytime soon? Unlikely after seeing that Vietnam is in a death spiral when it come to tourists arrival in the country (10 months in a row of diminishing arrivals). . We, expats living in Nha Trang, already know that the bad reputation of the city won't help convince the beach goers to visit it. Let's not get started with the ridiculous and byzantine visa rules that's makes ever harder to plan to stay or visit this beautiful country. Even if we live and Paradise, the touristic situation is not looking up at all! The newly built hotels that are now operating for a few months can attest...they seem empty even if the hotels are brand new!
Losing millions of dollars in a country that is so poor...government should start looking at it because one day, when all the People's cash is dilapidated in foolish projects, it will stroke resentment and might be the beginning of a revolution. Until then, feel free to invest your money in Vietnam, there is unlimited opportunities we are told!
Well, we hope you come to our human size hotel, here, no fool with money in wanting to become sleezy rich. Only a team working hard to maintain jobs that are increasing hard to protect so much the competition has gone amok...
Stay at Ha Van Hotel
Single room start at 16$ (breakfast and taxes included). We have an excellent reputation since 2007.
#havanhotel #nhatrang #vietnam #overbuilding #realestatecrash #crash#foolswithmoney #nologic #paradise
#beach #vacation #sheraton
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