Grand Avenue Residence is a mixed purpose (part hotel and part condominium) resort style development made up of 780 luxurious condo apartments spread across 6, low-rise, 8 story buildings and 1 yet to be determined 4-Star, 200 room internationally branded hotel.
Both the hotel and condominium complex will be professionally managed by the hotel concessionary whilst the project itself is situated on a prime 10 Rai / 16,000 square meter plot right in the heart of central Pattaya just off Soi 15, Pattaya 2nd Road and is directly opposite to Centara Avenue Residence & Suites , which was recently completed by Tulip Group back in late 2016.
The Developer, namely Tulip Group has subsequently chosen to rebrand this project which was formally known as Golden Tulip Residence & Suites and is rumored to be working in collaboration with a well known and trusted developer, namely Mr. Rony Fineman of Nova Group. For those in the know Nova Group has a long list of successfully completed projects such as ‘The Cliff’, ‘Nova Ocean View’, ‘Nova Mirage’, ‘Nova Atrium’, ‘Nam Talay’ and most recently ‘The Palm’ to their name. Similarly Tulip Group has also completed the ultra-luxurious 5 Star Centara Grand Pratumnak Hotel.
The project will feature a stunning wrap around swimming pool surrounded by a lush tropical landscaped garden, a pool bar, multiple water-slides and artificial rock formation waterfalls. Additionally there will be not 1 but 2 fully-equipped and air-conditioned fitness centers, a sauna and steam room, male and female change rooms with showers & rooftop gardens on top of every building.
If that wasn’t impressive enough, one also has access to the traditional on-site hotel services such as the maids and/or room service etc for an added optional fee. The hotel will also feature a business and convention center in addition to a world class restaurant serving both Thai and western cuisine in addition to a 24 hour concierge service.
Since a large percentage of the projects communal areas will be shared between both the hotel guests and condo apartment residents, the core principle and underlying rationale behind the mixed purpose concept is that the hotel management team has a considerable vested financial interest in keeping the communal areas and overall appearance of the entire project in top notch condition, which is an obvious win win for any prospective investor.
Since the hotel side of the project will primarily focus on short term tourists, whereas long stay tourists if given the choice will almost certainly prefer to stay in an optional full service condo apartment as opposed to a small and cramped hotel room, therefore in theory at least the conversion rate of hotel guests to long term renters should be greater than that of most other conventional condo apartment projects in the area which don’t have the on-site hotel advantage.
Once you take the time to think about it, the investment and rental potential of this project is huge given it’s highly strategic location, amenities and on-site hotel advantage. Furthermore when investors decide to sell, they have the added benefit of having access to a pool of buyers (previous hotel guests and condo renters) who already know and trust the project beforehand.
