Starwood to Buy Golden Tulip

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. June 12, 2009

JUNE 12, 2009 - Starwood is to buy Dutch hotel chain Golden Tulip in a bid to create a strategic alliance with its own Louvre Hotels brand in existing, as well as emerging, markets. The sale expected to be completed by 26 June, subject to due diligence.

Hans Kennedie, Managing Director, Golden Tulip, said: "The combination of Golden Tulip with Louvre Hotels will indeed create a new global hospitality force, based on European fundamentals. The combined group will create substantial synergies and benefits both to our customers as well as to our hotels." Rich Gomel, Managing Director at Starwood Capital Group, says: "The clear appeal of Golden Tulip Hotels is its strong brand and far reaching franchise network. The group is highly complementary to Louvre Hotels (Premiere Classe, Campanile, Kyriad and Kyriad Prestige); both geographically and on a segment level." He adds: "It will enable us, through a strategic alliance, to offer existing and new customers a full range in accommodation and service levels across over 40 countries, with over 1,000 hotels, comprising some 82,000 rooms.

The alliance of Golden Tulip and Louvre Hotels will have offices worldwide in Europe, Middle East, Africa, Asia, South and North America.