Published on April 29, 2008
Through its regional office in Bangkok and subsidiary Golden Tulip South East Asia, the expansion will demand an investment of 508 million euros or Bt25 billion for the initial development period of four years, said president and CEO Hans HWR Kennedie.
He said the group aims to introduce three different brands into the region: five-star Royal Tulip, four-star Golden Tulip, and three-star economy business Tulip Inn.
"Golden Tulip offers an aggressive development plan to open up to 40 hotels across the region within three years, with the majority being Tulip Inn economy business hotels," said Kennedie.
Thailand was selected as the priority country where Golden Tulip is starting its hotel development with a quarter of its four-year planned investment or Bt6.25 billion, said managing director Mark van Ogtrop.
He said Golden Tulip South East Asia has now confirmed five projects: two Tulip Inn hotels in Bangkok, one Golden Tulip Resort Samui, and Tulip Inn hotels in Phuket and Cambodia.
In Bangkok, Tulip Inn Sukhumvit will be located on Sukhumvit Soi 4 with 140 rooms and will open in July 2009; Golden Tulip Hotel & Suites, Riverside Bangkok, with 350 rooms will open in November 2010.
In development are the 350-room Tulip Inn Suvarnabhumi and the 110-room Tulip Inn on Sathorn Road.
Ogtrop said the group would develop 12 more properties in secondary destinations: Phuket City, Hua Hin, Krabi, Chiang Mai, Khao Lak, Rayong, Chon Buri, Korat, Hat Yai, Khon Kaen, Udon Thani, and Petchburi.
"We will expand through Southeast Asia by management contracts, lease agreements, acquisitions and joint ventures," said Ogtrop, adding the group had positive feedback about economy business hotels, not only from customers but also investors.