Starwood Capital is to buy hotel franchise group, Golden Tulip.
The deal is subject to due diligence and is expected to be completed by June 26.
“It is the intention of Starwood Capital Group to grow the Golden Tulip brands in existing and emerging markets, leveraging off the Louvre Hotels distribution platform through a strategic alliance between Louvre Hotels and the Golden Tulip businesses,” said a Starwood statement.
Rich Gomel, managing director at Starwood Capital Group, said: “The clear appeal of Golden Tulip Hotels is its strong brand and far reaching franchise network.”
Starwood said the move would allow it to compete more effectively for corporate accounts as it will have a larger share of GDS and distribution channels.
By Bev Fearis
