Intermoney | Meliá Hotels International will become one of the big hotel brands in Vietnam, thanks to a new alliance with the country’s largest domestic hotel owner Vinpearl. As a result of the agreement, the Spanish hotel group will take over management of 12 hotels and resorts in the main destinations spread throughout the country. These are already operational and will be incorporated into the portfolio during the year. With this move, Meliá will be come the second largest hotel chain in Vietnam in terms of number of rooms, after an expansion drive which began in 1990 with the opening of Meliá Hanoi. The number of hotels run by the firm in Vietnam will increase to 24, with nearly 6,900 rooms. The 12 hotels included in the alliance with Vinpearl are all 5-star and will be known as “Meliá Vinpearl».
Valuation: With these incorporations, Meliá continues to demonstrate its intentions of betting on South East Asia as a potential holiday destination. Along with the Caribbean and the Mediterranean, South East Asia will be the focus of its expansion in the coming years. Whatsmore, Meliá is still increasing the number of hotels under the management model, with the aim of improving its margins and profitability. At the same time, it is divesting in the hotels it own (it has in mind the sale of assets in the Caribbean for Q2’22 worth around 200 million euros). Since 2008, the company has reduced the number of owned hotels from 27% to 11.5% currently. We put a positive valuation on this news for Meliá, as it shows its commitment to the transition towards an asset light model (with better margins and profitability). And this is focused on the premium holiday segment, where Meliá wants to position itself as a world leader.