Golden Tulip withers in tough times
AMSTERDAM – Franchise owners of Golden Tulip hotels are keen to buy the Golden Tulip brand name after the hospitality group said it was going into voluntary receivership, Dutch news agency ANP reported.
Golden Tulip, which owns 60 hotels directly with an additional 720 franchised or affiliated across more than 50 countries, said on Tuesday declining occupancy rates and the cost of investing in new hotels had led to financial losses.
“We want to keep Golden Tulip in our own hands to prevent companies who want to come in and clean up the mess and then put it up for sale again in a couple of years,” said one hotel franchise owner.
The Golden Tulip group said on Tuesday it had filed for suspension of payments as a form of protection from creditors, and an interim receiver would be appointed by a court.
“The general decline in the leisure and hospitality sector due to the recession, have also had their impact on Golden Tulip,” the group said in a statement.
“Especially outside the Netherlands and Belgium the occupancies have declined substantially in the last three quarters.”
Golden Tulip, which has hotels in Shanghai and Jaipur, said it was discussing with smaller Dutch group Apollo Hotels & Resorts and private equity firm H2 Equity Partners about a possible merger.
Ian Jarrett
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