Golden Tulip Hospitality Group says it plans to open 40 hotels in Asia over the next four years.
The chain will open four properties in Thailand and one in the Cambodian capital of Phnom Penh under a ‘priority’ basis.
The company is also reviewing and negotiating the opening of properties in Singapore, Vietnam, Malaysia, Indonesia and more in Cambodia along the south coast.
In Thailand, fifteen additional properties including a 350-room hotel and conference centre at Bangkok International Airport are also under negotiation.
Golden Tulip President and CEO Hans Kennedie says a similar expansion is taking place in China and India.
“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.”
Golden Tulip and its partners will invest US$800m in the initial four-year development period in South East Asia.
By Elizabeth Clifford-Marsh