Many owners cannot maintain operation of their hotels during the epidemic and want to sell them.
Tran Hoa, the owner of Hanoi Passion Suite on Tran Nhat Duat street in Hanoi, has sold her hotel for VND350 million.
In HCM City, small hotels and homestays in central districts 1, 3 and Phu Nhuan have also been put up for sale as they cannot receive guests for a long time.
Other hotels still operate, but they have been downsized. At some hotels, 50 percent of workers have been laid off and the others are working in shifts.
Phan Cong Chanh, a real estate expert, commented that more hotel owners would leave the market in the next 3-4 months. He believes that hotel prices will decrease even more sharply in 3-6 months.