Golden Tulip Hospitality's Asian Subsidiary to Expand

A management subsidiary of Swiss-based Golden Tulip Hospitality Group, Golden Tulip South East Asia, is to undergo an expansion.

Three different brands- the 5-star Royal Tulip, 4-star Golden Tulip, and 3/3+-star economy business Tulip Inn are to be launched, and Mark van Ogtrop is to head the group, which is responsible for ten countries: Thailand, Malaysia, Singapore, Indonesia, Brunei, Philippines, Vietnam, Cambodia, Laos, and Myanmar.

The first five projects include a 140-room Tulip Inn hotel on Sukhumvit Soi 4 in Bangkok, to debut in July 2009; a 100-room resort on Samui's Maenam Beach, to be reflagged in July 2008 as the Golden Tulip Resort Samui; a 350-room new project to debut in 2010; a 110-room Tulip Inn in Phuket to be launched in July 2009; and a 170-room Tulip Inn hotel in Phnom Penh, Cambodia to open in May 2009.

According to Hans H.W.R. Kennedie, president & CEO of Golden Tulip Hospitality Group, 'In 2007, the Golden Tulip Group generated around EUR108 million of total revenue, with a profit of EUR1.8 million. In the same year we invested more than EUR4.4 million, while we earned approximately EUR8.4 million from a lease agreement with hotel owners. We believe in the amazing diversity of South East Asia, in particular Thailand. That's why we are investing more than EUR508 Million for the initial development of four years. With a regional office, management and marketing strategies in place we aim to achieve the targets as set.'

Mr. Mark van Ogtrop, managing director and senior vice president of Golden Tulip South East Asia, stated, 'We will expand throughout South East Asia by management contracts, lease agreements, acquisitions and joint ventures. We have had very positive feedback on economy business hotels, not only from customers, but also investors. We believe that this sector offers real potential and opportunity for us to grow in the hotel industry in the region.'