London, Paris, Rotterdam, July 3rd 2009 – Starwood Capital Group Global L.P. “(STARWOOD”) is pleased to announce the signature of a binding agreement for an affiliate to purchase Golden Tulip Hospitality BV?s Franchise business, its Development & Representation businesses, Joint Venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands. This binding agreement is subject to certain formalities being completed and is expected to result in a full closing of the transaction by July 27 2009.
Commenting on this agreement, Desmond Taljaard, Chief Operating Officer at Starwood Capital, said: “This was a compelling acquisition for Starwood. Our extensive experience in the hotel sector makes us the ideal partner to invest and grow the Golden Tulip brand. We have a long track record of working with franchisees and we are fully committed to developing and investing in these hotel brands through innovation and continued expansion?.
Pierre-Fr?d?ric Roulot, President of Louvre H?tels, added: “We are very excited at the prospect of developing the Golden Tulip brand and through a strategic alliance with Louvre Hotels, bringing real benefits to customers and franchisees. The two companies are very complementary to each other, both in terms of geography and market segment, and together we can create a strong force in the hotel industry”.
Hans Kennedie, CEO of Golden Tulip Hospitality B.V., declared: ?I am very much relieved that the Golden Tulip Brand and the world wide franchise network that was built over the years will be in safe and capable hands and that the continuation of the brands on the long term is safeguarded. I have decided to step back from the management as per the date of closing of the transaction. I have been offered and happily accepted an agreement as an independent senior advisor with Starwood with regard to International Franchise Development. Although as of then not anymore involved in the Golden Tulip business I do expect to be able to be of significant assistance for the franchise business of the Starwood Capital Hospitality team.?
Marie Jose Cools and Rinke Dulack, trustees in the estate of Golden Tulip Hospitality B.V., said: ?We are very satisfied with the outcome of the bidding process that was organized and think we have been able to reach the best possible result for both the business involved and the creditors in the estate. We are moreover confident that the profile of the purchaser ensures long term commitment to the Golden Tulip brands and the connected franchise business?.