Starwood Capital Agrees to Buy Golden Tulip Hospitality

Starwood Capital Group Global L.P. announced the signing of a binding agreement for an affiliate to purchase Golden Tulip Hospitality BV’s franchise business, development and representation businesses, joint venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands.

This binding agreement is subject to certain formalities being completed and is expected to result in a full closing of the transaction by July 27.

“I am very much relieved that the Golden Tulip Brand and the world wide franchise network that was built over the years will be in safe and capable hands and that the continuation of the brands on the long term is safeguarded. I have decided to step back from the management as per the date of closing of the transaction,” said Hans Kennedie, CEO of Golden Tulip Hospitality B.V.