Golden Tulip to Seek Protection From Creditors
780 hotels Around the World
APRIL 2, 2009 - Golden Tulip Hospitality Group, which has 780 hotels around the world, has become the latest victim of the global recession and has been forced to seek protection from its creditors.
The Dutch-based group has filed for suspension of payments and is now looking to merge its hotel division with Apollo Hotel & Resorts, owned by European Hotel Management.
The talks also involve H2 Equity Partners, a Dutch private equity group, according to a report in the Financial Times.
Golden Tulip has 75,000 rooms across more than 50 countries, with brands including Tulip Inn, Golden Tulip and the five-star Royal Tulip.
Founded in 1962, it went into partnership with KLM Royal Dutch Airlines in the 1970s, and became part of the Spanish group NH Hotels in 2001, before demerging in a management buy-out the following year.
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