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Starwood Capital to Acquire Golden Tulip

Starwood Capital investment fund is currently in negotiations to take over Golden Tulip Hospitality BV. The deal would incorporate all assets, franchise and management contracts, as well as the brands Golden Tulip and Tulip Inn, commercial representation contracts and various joint venture interests.

Negotiations should be concluded by the end of June and would lead to a strategic alliance between the Budget segment of Groupe du Louvre, controlled by Starwood Capital (Louvre Hotels) and Golden Tulip Hospitality. The new entity would consist of 1,070 hotels and approximately 80,000 rooms in 40 countries.

Groupe du Louvre also includes Concorde Hotels & Resorts, still controlled by Starwood Capital. Accordingly, the Luxury hotel and Budget segments take the 11th place in MKG Hospitality's World Ranking 2009.

Within the European Union, the new group would strengthen the current 4th position held by Groupe du Louvre, with almost 76,000 rooms in total.
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