29 April 2008

Golden Tulip to flower in Asia

BANGKOK - SwitzerlandÃ¢â¬â¢s Golden Tulip Hospitality Group will open 40 hotels in four years in 10 Asian countries through its Bangkok-based subsidiary, Golden Tulip South East Asia,

In Thailand and Cambodia, five priority projects have been confirmed: one in each of the popular Thai resorts of Samui and Phuket, two in Bangkok, and one in the Cambodian capital of Phnom Penh.

The company is also reviewing and negotiating the opening of properties in Singapore, Vietnam (Ho Chi Minh City, Danang, Hanoi, Vung Tau, Bin Dong), Malaysia (Kuala Lumpur, Cyberjaya, Ipoh, Johor Bahru, Penang, Kota Kinabalu, Kuching), Indonesia (Jakarta, Bandung, Semarang, Surabaya, Yogjakarta, Medan and Den Pasar), and more in Cambodia along its south coast.

In Thailand, 15 additional properties, including a 350-room hotel and conference centre at Bangkok's international airport, are also under negotiation.

Golden Tulip president and CEO, Hans WR Kennedie, said that a similar expansion is taking place in China and India to complement Golden Tulip's existing global portfolio of 900 hotels in more than 50 countries.

"Our strategy is to develop economy business hotels in capital cities in Southeast Asia and our four- and five-star brands, Royal Tulip and Golden Tulip Resorts, in resort areas.Ã¢â¬~

Golden Tulip Southeast Asia will expand in Southeast Asia through the management and leasing of individual hotels, alliances, joint ventures, and the merging and acquisition of existing hotel groups.

The company is setting up a hotel property investment fund to finance future projects.