Property developer the Tulip Group recently announced the company had entered into a Memorandum of Understanding (MOU) with Golden Tulip Hotels and Resorts for a new luxury 5-star hotel on Soi 5 Phratamnak Hill, Pattaya.
The luxury 25-storey high rise building is set to be one of the most beautiful properties in the area and is just steps from the stunning Cosy Beach. EIA approval and the building permit are already in place, and Tulip Group will start construction on the project as soon as agreements are finalized with Golden Tulip Hotels.
The property will be a hotel only, however Tulip Group are planning to offer a limited number of rooms to property investors. Full details have not been disclosed at this moment in time but it is expected that investors buying into the project will be offered a leaseback program with guaranteed returns, no ongoing management or sinking fund costs, as well as some additional investment benefits.
The 300 room property will have 2-3 restaurants (including rooftop sky bar), spa, gymnasium, huge swimming pool, meeting rooms, club lounge and a selection of deluxe rooms, suites and presidential suites.
Royal Tulip luxury hotels are generally described as being exceptional properties situated in extraordinary locations. With a 5-star positioning, they provide elegant and luxurious facilities, highly personalized service, ultra-modern amenities and a deluxe level of comfort.
The Golden Tulip chain traces its roots back to the early 1960s, when the first Golden Tulip hotels opened their doors in the Netherlands. Since then the chain has evolved and expanded across the globe, always in step with the changing needs and expectations of their customers.
Today, the chain operates three well-known brands, Tulip Inn, Golden Tulip and Royal Tulip, with a total of over 230 hotels in 42 countries, and is part of the Affiliate of Groupe du Louvre, which is owned by the Starwood Capital Group private equity firm. Louvre Hotels Group currently has a portfolio of 6 brands, ranging from 1 to 5 stars.
After forging a strategic alliance with Golden Tulip Hospitality Group, Louvre Hotels Group has become a major worldwide player in the global hotel industry, ranking 2nd in Europe, with more than 1080 hotels in 41 countries.
This property will be Tulip Group’s second joint project with the operator, after last year signing an agreement for a Golden Tulip Hotel and Residence in Central Pattaya.