Starwood Capital has announced that it is acquiring the multi-brand Swiss-based hotel group Golden Tulip which filed for bankruptcy earlier this year. The transaction is subject to due diligence that will be completed on 26 June.
Starwood Capital has announced that it is acquiring the multi-brand Swiss-based hotel group Golden Tulip which filed for bankruptcy earlier this year. The transaction is subject to due diligence that will be completed on 26 June.
Starwood is a privately-held global real estate investment firm and its hotel interests includes Louvre Hotels.
In a recent statement, Starwood said that it intended to grow the Golden Tulip brands in existing and emerging markets, leveraging off the Louvre Hotels distribution platform through a strategic alliance between Louvre Hotels and the Golden Tulip businesses.
Golden Tulip has more than 260 hotels and 26.000 rooms in 45 countries. The group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas.
Rich Gomel, managing director at Starwood Capital Group, commented: 'The clear appeal of Golden Tulip Hotels is its strong brand and far-reaching franchise network.'
'The group is highly complementary to Louvre Hotels (Premiere Classe, Campanile, Kyriad and Kyriad Prestige); both geographically and on a segment level. It will enable us, through a strategic alliance, to offer existing and new customers a full range in accommodation and service levels across over 40 countries, with over 1,000 hotels, comprising some 82,000 rooms,' he added.
