Starwood Capital Signs Binding Agreement For Golden Tulip Purchase

July 4, 2009 • Related • Filed Under

Just a quick note to mention that Starwood Capital has signed a binding agreement for the purchase of Golden Tulip Hospitality. Originally the transaction was supposed to be signed by June 26th, but on July 3rd it was announced the agreement was signed.

The transaction will close on July 27th, at which time Golden Tulip will be fully owned by Starwood Capital, that includes all joint ventures, development, and management of the Golden Tulip, Tulip Inns and their related brands.

Golden Tulip is expected to be combined with Starwood’s Louvre Hotel Group, and will add to Starwood’s already large portfolio of European hotels under the Première Classe, Campanile, Kyriad and Kyriad Prestige brands. This purchase will further solidify Starwood’s standing as the second largest European hotel group in the economy and mid-scale segment and makes Starwood Capital the 11th largest hotel operator in the world.

Its also worth noting that Golden Tulips current CEO Hans Kennedie will step down from that role, but has been offered a position within Starwood Capital as an independent senior advisor to International Franchise Development, it looks like Starwood is not resting on its laurels in conquering the international franchised hotel market.

andrew@alconic-inc.com

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