Rapid Expansion Plans for Golden Tulip Hospitality Group in Asia Pacific

Golden Tulip Hospitality Group, a Swiss-based company, is expanding its portfolio of hotels through expansion of its management subsidiary in Bangkok, Golden Tulip South East Asia. The Thai company, headed by Mark van Ogtrop, will have responsibility for 10 countries: Thailand, Malaysia, Singapore, Indonesia, Brunei, Philippines, Vietnam, Cambodia, Laos, and Myanmar.

Golden Tulip South East Asia aims to introduce three different brands into the region: the 5-star Royal Tulip, 4-star Golden Tulip, and 3/3+-star economy business Tulip Inn. The company has 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.

Golden Tulip South East Asia has already confirmed its first five projects. A 140-room Tulip Inn hotel on Sukhumvit Soi 4 in Bangkok, is scheduled to open July 2009. A resort on Samui's Maenam Beach, with around 100 rooms will be reflagged in July 2008 as the Golden Tulip Resort Samui. Another Golden Tulip Hotel, this time a new development, with 350 rooms is scheduled to open on Bangkok's riverside in 2010.  A 110-room Tulip Inn in Phuket, located on the second road in Patong with opening set for July 2009. And a 170-room Tulip Inn hotel in Phnom Penh, Cambodia, which is scheduled to open in May 2009.

Golden Tulip South East Asia is led by Managing Director, Mr. Mark van Ogtrop, who has more than 25 years of experience in the hotel and hospitality industry from across three continents and more than fifteen years' experience in the Asian hotel industry.

Mr. Hans H.W.R. Kennedie, President & CEO of Golden Tulip Hospitality Group, commenting on the group's global performance, said, "In 2007, the Golden Tulip Group generated around €108 million of total revenue, with a profit of €1.8 million. In the same year we invested more than €4.4 million, while we earned approximately €8.4 million from a lease agreement with hotel owners."

On Southeast Asian expansion, Mr Kennedie said, "We believe in the amazing diversity of South East Asia, in particular Thailand. That's why we are investing more than €508 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 added, "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."

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