We are more than honored to announce that Emerging Capital Group, based in Ho Chi Minh City in Vietnam, has become our new partner, joining Rentlio in sharing a vision toward innovative solutions in hospitality.
Founded during the most challenging travel period with the mission to support hoteliers and hospitality investors, Emerging Capital Group aims to help them improve revenue, occupancy and add value to their hospitality business.
Even though the number of boutique hotels in Vietnam has increased, the majority lack systematic management and proper technology. As a result, it leads to lower adaptability and slower response to different and unexpected situations causing underperformance.
Group currently manages 14 hotels with 421 rooms, planning to acquire more than 2000 room keys in the next 12 months.
Emerging Capital Group x Rentlio
As partners, Emerging Capital Group and Rentlio share the same vision regarding innovation in the hospitality sector.
“We believe in Rentlio technology and open API endless opportunities. Together, we can help hotels and property owners better cope through COVID-19, performing better in general at optimal cost. We expect to grow together with Rentlio in the whole Asia market as well as support in building proprietary products and services.” – Tim Duong, CEO of Emerging Capital Group.
With this strategic partnership, Rentlio begins its south-east Asia journey aiming to become one of the key players when it comes to hospitality tech.
“We see this strategic partnership as a huge opportunity for us to grow in emerging Asian markets like Vietnam. The energy and vision of Mr. Duong and his team are inspiring and we are fully motivated in supporting Emerging Capital Group as their tech-partner for the years to come.” – Marko Misulic, CEO of Rentlio
Vietnam Hospitality Trends
Pre-pandemic, Vietnam enjoyed impressive tourism growth, but in the first half of 2020, the country recorded drops of 56% and 50% year-on-year in international arrivals and domestic destinations.
Today, hospitality is seeing a careful recovery. The sector is slowly coming back, yet owners are still figuring out how long it will take to get back to the pre-crisis level.
Even after the battle against COVID, Vietnam hospitality providers realize that international travelers will not be coming back soon and that pivoting to local tourists to survive would be a better idea. As a result, domestic travel will remain the primary revenue source as the post- covid market recovers.
Specific segments where Vietnam boutique hospitality operations are lacking capitalizing on opportunities in the context of the digital economy:
- lack of awareness to capture critical demographic hospitality changes (Millennials, Gen Z);
- limited experience in terms of using digitally enhanced solutions;
- outdated or underdeveloped approaches to marketing strategies and resources;
- dilution of brand identity in a market dominated by OTAs and hotel chains.
According to McKinsey, COVID-19 has accelerated the digitization of customer interactions by several years. In addition, consumers have moved dramatically toward the online channel. Given the mentioned trends, digitalization is the path that all global markets are collectively striving for. At Rentlio, we hope this partnership will confirm it and justify the importance of digital solutions in hospitality.
“The guests of the future are digital-savvy guests. As a result, hotels which rely on outdated legacy software will not be able to meet future guests’ expectations and will end up underperforming after the most challenging period of time for the hospitality industry in history.” – Marko Misulic, CEO of Rentlio