Golden Tulip Enters Bulgaria with Hotel in Varna

Golden Tulip Hospitality announced the signing of its first agreement in Bulgaria for the Golden Tul

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. October 14, 2008

NOVEMBER 15, 2006. The Golden Tulip Varna is situated in the center of Bulgaria's fastest growing city and harbor to the Black Sea, at a few steps' distance from the Assumption Cathedral - a famous symbol of the Bulgarian patrimony, less than 20 minutes from the Varna Airport and 15 minutes from the beach. The comfortable and stylish hotel offers integrated facilities for business and recreation:

o 90 rooms: 58 standard double, 19 executive, 8 single, 4 standard suites and 1 deluxe suite with glamorous amenities. The in-room amenities include: central air-conditioning, TV set with satellite programs in ten languages, telephone, mini-bar, fully equipped bathrooms, Internet connection (executive rooms).

o Conference centre with 3 meeting rooms accommodating 120, 60 and 30 delegates as well as working areas for various meetings, modern audio-video equipment and business centre.

o Cozy and stylish a-la-carte restaurant offering a variety of European and International cuisine combined with a class selection of wines and beverages.

o Lobby bar

o Fitness Centre: gym, massage room, sauna and Jacuzzi.

o Additional facilities and services: room-service, laundry, dry-cleaning and ironing, safety deposit boxes, ATM machine, transport, rent-a-car, hairdresser, parking.

Hans Kennedie, president and CEO of Golden Tulip Hospitality says: 'We are very pleased to announce our entrance into a new market with the franchise agreement of the first Golden Tulip in Bulgaria. The arrival of the first international brand in Bulgaria's second largest city is especially great at a time when Varna is going through such an amazing development and we are proud to be part of that. With this hotel, Golden Tulip Hospitality is pursuing its strategy of strengthening the company's presence on the Eastern European market. Golden Tulip Varna's addition to the portfolio represents a significant step in the hotel expansion strategy for the group. Our ambition is to reach 20 hotels within the next five years in the Eastern European region.'

Ilian Tenev, owner of the Golden Tulip Varna states: 'It is with great enthusiasm that we enter into this agreement with Golden Tulip Hospitality, an internationally acclaimed hotel chain with over 45 years of experience in the hospitality industry. We believe that with Golden Tulip's successful franchise formula, the Golden Tulip Varna will achieve both national and international recognition, exceeding the expectations of worldwide guests in seek of business, urban leisure and seaside recreation.'

Paul Marasoiu, Area Director Romania, Bulgaria & Moldova of Golden Tulip adds: 'With the forthcoming accession of Bulgaria to the European Union, we are confident that the first affiliated hotel in Varna will become a regional landmark for Golden Tulip's 'European Way of Franchising', thanks to its endowments and also to the professional approach of its shareholder and management team. A joint contribution will be therefore added to the sustainable development of the local hospitality business.'

Golden Tulip's current hotel portfolio in the Eastern European Region consists of 10 hotels with over 1300 rooms in Romania, Czech Republic, Bulgaria, Armenia, Croatia and Hungary.