It's not so new. Used to be called the Vises Pavillion, built approx 15 years ago by a private owner, declared bankrupt about 4 or 5 years ago leaving many debts. The Centara Group bought it and revamped it, been open about one + year. Terrible location in a rather scruffy area away from the tourist area. 10 minutes walk back to the tourist area, 15 minutes to the beach. Looks nice on the web site but trust me it's not a nice area.