Pattaya based property developer Tulip Group has focused on bringing branded residences to the Pattaya Real estate sector in the past 3 years. Recently this company has announced that the group’s prime focus will now be on expanding their hotel portfolio.
Tulip Group's properties include Centara Avenue Residence & Suites, Waterfront Suites & Residences and Centara Grand Residence Pattaya, mixed use developments with hotel and residential components that have proved to be very successful for the company.
However Tulip Group will now focus its efforts on developing standalone hotel properties.
“Hotel development has always been a priority for us and we have seen this as our core business,” said the company’s Vice President Jason Payne. “Branded residences were an ideal opportunity to bring something different to the market, with the focus being on building only in prime locations, whether this be in central areas or direct beachfront, However for the last 12 months we have had our concerns that the Pattaya property market is becoming overcrowded. After taking advice from our bankers and financial advisors we decided that developing only hotels for the immediate future was a more sensible business decision.”
Tulip Group will open the luxury 5 Star Centara Grand Hotel in Pattaya’s prestigious Phratanmak Hill area in August this year and the firm is currently in talks with three international operators to bring a further 3-5 luxury hotels to seaside resort. An announcement of these agreements expected in early July.
“Construction of our current projects will continue as planned and we are fully committed to delivering to our buyers true world class properties, ” added Payne. “We remain very positive about these condominiums as well as the onsite hotels, however all projects that were in planning stages, or not officially launched will now be put on hold, in order that we can fully focus on expanding our hotel portfolio.”
Tulip Group currently has four Condominiums and five hotels under construction, and the group expects their hotel portfolio to grow to around 15 properties within next three to five years.