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June 17, 2009


Golden Tulip Hospitality BV, in consultation with the Trustees, and an affiliate of Starwood Capital Group Global (which itself controls, through an affiliate, Louvre Hotels SAS) have agreed terms for an affiliate to acquire the Company?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.

Subject to confirmatory due diligence the transaction is expected to complete by June 26th 2009.

It is the intention of Starwood Capital Group 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.

Source: Golden Tulip Hospitality News

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