The former Waterfront project in the heart of Pattaya is to have a new lease of life.
The project has now been officially taken over by two leading names in the hotel and property industries: Park Plaza Hotels and the Tulip Group.
The first step the new owners will undertake is to clear any outstanding debt from the previous Waterfront project.
The newly named Park Plaza Waterfront will be a 40 Floor building rising to a height of 150 meters and will be located at Bali Hai Pier in downtown Pattaya. The project will feature a 150 room hotel and 300 residential condominium units.
From left: Kobi Elbaz (CEO Tulip Group), Eli Papouchado (Chairman Park Plaza Hotels Group), and Boris Ivesha (CEO Park Plaza Hotels Group) address the assembled media and real estate representatives at a meeting held at the Centara Grand Mirage Beach Resort Pattaya on Tuesday, July 26 to announce the new Park Plaza Waterfront project.
The building will offer stunning facilities and amazing views of the ocean and surrounding islands. Overall, this iconic development will have a total area of 38,685sqm with a saleable area of 18,521sqm.
Park Plaza will provide full management upon completion and opening of the project.
At a press conference held at the Centara Grand Mirage Beach Resort Pattaya on Tuesday, July 26, the Chairman of Park Plaza Hotels, Eli Papouchado said that this will be a new landmark development for Pattaya and an important part of the group’s portfolio.
“We are very excited at add Pattaya to our list of great Park Plaza destinations,” he said. “This project demonstrates our commitment to one of the most dynamic resort cities in the Asian region.”
Eli Papouchado has been involved in the construction, design development, financing, acquisition and management of leading hotels in Israel and Europe including Park Plaza Westminster Bridge London, Park Plaza Riverbank London (including Plaza on the River), Park Plaza Victoria London, Park Plaza Leeds, Park Plaza Nottingham, Park Plaza Amsterdam, the mile-stone Taba Hotel and many more.
The Group currently has 25 Park Plaza hotels and art’otels in 56 countries.
Joining forces with the Park Plaza Group is the Pattaya-based Tulip Group. It’s founder Kobi Elbaz is well-known in both Thailand and internationally and is currently developing the Centara Avenue Residence and Suites, Centara Grand Pattaya and the Tulip Boutique Collection.
He is also a partner in numerous other projects including – The Cliff – Amari Residence Pattaya – Novana Residence – Ocean View – Centara Bangkok and Holiday Inn expresses Pattaya.
Paul Strachan (centre) interviews Eli Papouchado (2nd left) for Pattaya Mail Television following the conclusion of the press conference held July 26.
“Our partnership with Park Plaza will renew investor confidence in this project,” said Kobi. “Pattaya will gain another leading hotel name and further confirmation that this destination is evolving upwards. Our combined commitment to clear the Waterfront’s old debts is the first step in this new partnership,” he said, referring to investors who had seen their money tied up in the old stalled project for the past three years.
Kobi indicated that all those who bought into the original Waterfront project would be remunerated very shortly but advised that many had already decided to stay on with the new Park Plaza Waterfront development.
The new Park Plaza Waterfront project will launch fully in approx. six weeks time.