(1888PressRelease)
September 25, 2007 - Amersfoort (NL)/Lausanne (CH), – Golden Tulip announces its entry into a strategic investment programme with Eurotrade, a private equity investment firm, for the composition of a global real estate portfolio. A substantial contribution to the expansion of Golden Tulip Hotels, Inns & Resorts is also in the planning.
The initial stage of equity investments will be allocated as follows:
Europe: 150 million Euros
US: 150 million US Dollars
China: 150 million Euros
Mr. Hans Kennedie, President & C.E.O. of Golden Tulip Hospitality Group, states: "We have entered a strategic agreement with EuroTrade in which EuroTrade will acquire hotels and Golden Tulip will operate them. We are very pleased that we have now concluded the first 3 acquisitions. These hotels complement our portfolio of 18 hotels in Germany and will trigger further acquisitions in the near future in Europe, Asia and the United States".
"This agreement coincides with Eurotrade's wish to expand geographically," adds Boaz Kamar, Chief Executive Officer of Euro-Trade Real Estate Company. "We intend to work with Golden Tulip on acquiring 25 additional hotels and resorts in Europe and the US, over the next three years," he added.
The Eurotrade International Real Estate Company has already signed a multi- million euro deals with the Golden Tulip Hospitality Group, giving the hotel chain a 15-years lease on the following hotels:
1. Golden Tulip Bad Reichenhall, a resort in the East German town of Bad Reichenhall, outside Salzburg.
2. Golden Tulip Rüsselheim, a First Class Hotel on the outskirts of Frankfurt in Russelsheim, located in a business district 8 minutes from the airport.
3. Tulip Inn Bad Nenndorf; located in Barsinghausen, a town in the district of Hanover, in Lower Saxony, Germany.
With these additions the current hotel portfolio in the Germany comprises of 21 hotels with 2.400 rooms located in 15 cities.
