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Sternlicht group buys up troubled chain
Starwood Capital, a private investment company, has bought the troubled Swiss-based chain golden Tulip Hotels.
Under the deal, Gold Tulip Hospitality has been acquired by an affiliate of Starwood Capital, Louvre Hotels.
The sale includes Golden Tulip's franchise business, its development and representation business, its joint venture interests and the intellectual property of its various brands.
Among these are Golden Tulip and Tulip Inn.
A statement by Starwood, whose chairman and ceo, Barry Sternlicht founded the group in 1991, said the deal was expected to be completed next week.
Golden Tulip Hotels filed for bankruptcy of its 14 properties in The Netherlands in May.
In March it had filed for a suspension of payment for its holding company Golden Tulip Hospitality Management after falling occupancy and revenue led to losses.
Golden Tulip Hospitality Group, based in Lausanne had more than 260 hotels and 26,000 rooms in more than 45 countries.
It also franchised and managed hotels in Europe, the Middle East, Africa, Asia Pacific and the Americas.
After its financial troubles were made public, Golden Tulip began merger talks with Apollo Hotels and Resorts.
During its financial setback, plans to operate 30 hotels in Austria and Denmark on a joint venture basis were cancelled.
Starwood said Louvre Hotels, one of the largest chains in Europe, and the Golden Tulip would form a strategic alliance.
It said it planned to grow the Golden Tulip brands in existing and emerging markets, using the Louvre Hotels distribution platform.
Rich Gomel, Starwood Capital's managing director, said: "The clear appeal of Golden Tulip Hotels is its strong brand and far reaching franchise network."
He said the chain was "highly complimentary to Louvre whose brands include Premiere Classe, Campanile, Kyriad and Kyriad Prestige.
He added: "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.