Bangkok--29 Apr--ScottAsia Communications Golden Tulip Hospitality Group has entered into South East Asia with its Regional Office in Bangkok Golden Tulip Hospitality Group, a Swiss-based company, announced today the expansion of its management subsidiary in Bangkok, Golden Tulip South East Asia, which will have responsibility for 10 countries: Thailand, Malaysia, Singapore, Indonesia, Brunei, Philippines, Vietnam, Cambodia, Laos, and Myanmar. With its strategy of implementing "International Standards, Local Flavours", Golden Tulip South East Asia aims to introduce three different brands into the region: 5-star Royal Tulip, 4-star Golden Tulip, and 3-star economy business Tulip Inn. Golden Tulip offers 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 now confirmed five projects: two Tulip Inn hotels in Bangkok, one Golden Tulip Resort Samui, Tulip Inn, Patong in Phuket, and a Tulip Inn hotel in Cambodia (see the full list in attached file, "GTulip_Development_Summary.pdf"). Golden Tulip South East Asia Ltd is led by Managing Director, Mr. Mark van Ogtrop. He brings more than 25 years of experience in the hotel and hospitality industry from across three continents and has 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." Note for editors: pictures of Mr Kennedie and Mr van Ogtrop can be downloaded at www.scottasia.net/2008/goldentulip/downloads/ About Golden Tulip Golden Tulip Hospitality Group, with its head offices in Lausanne, Switzerland, is a worldwide hospitality company with more than 900 hotels, 85,000 rooms in more than 50 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas. Golden Tulip Hospitality Group's core business is to provide services through the management and leasing of individual hotels as well as through alliances, joint ventures, mergers or acquisitions of existing hotel groups. As a multi-brand hospitality firm, the Golden Tulip Hospitality Group offers services in the three-, four- and five-star categories. The three-star concept is the Tulip Inn offering Business Economy service, comfortable accommodation, and convenient locations in city centres. The four-star category falls under the Golden Tulip brand of Superior First-Class hotels and resorts with international standards that reflect the local character of their destinations. The recently introduced Royal Tulip, in the five-star Luxury category, offers the most elegant and luxurious facilities with a deluxe level of comfort and personal service. In addition, Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium. In 2006, Golden Tulip introduced BRANCHE, Restaurant, Bar and Lounge. This is a free standing restaurant chain, which will have establishments in most Golden Tulip Hotels and Tulip Inns operated by Golden Tulip. Golden Tulip Hotels, Inns & Resorts franchises 264 hotels worldwide and manages 60 hotels located in Morocco, Ghana, Middle East, UK, Germany, Austria and The Netherlands. Further information Golden Tulip South East Asia Level 27, Bangkok City Tower 179 South Sathorn Road Bangkok 10120, Thailand Tel: +66 2 343 1839 Fax: +66 2 343 1818 Email: [email protected] Web: www.goldentulip.com For media queries please contact Ken Scott & Natthamon Nattanapong ScottAsia Communications Tel. (+66) 2 860 8227 Mobile: 081 931 2753 (Ken); 089 668 1711 (Nat) E-mail: [email protected]