Expansion Programme for Western Africa
Amersfoort (NL)/Lausanne (CH), April 26, 2005 – Golden Tulip, W Hospitality Group and The Lionstone Company are pleased to announce the commencement of a hotel expansion programme for Western Africa.
Earlier this month, the parties signed a development and representation agreement for the brands Golden Tulip and Tulip Inn to be developed by Golden Tulip Hotels Nigeria Ltd, a partnership between Lionstone and W Hospitality Group. Golden Tulip Hotels Nigeria has secured foreign equity and debt funding to support the hotel expansion programme for the region.
Trevor Ward, Managing Director of Golden Tulip Hotels Nigeria, said: “During the next five years we plan to open at least seven hotels across Western Africa, with a main focus on Nigeria and Ghana. The portfolio will be a mix of newly developed and converted properties to operate under the Golden Tulip and Tulip Inn brands and will be operated by Golden Tulip Hotels Nigeria.”
Amaechi Ndili, Managing Director of The Lionstone Company, added: “The successful fund raising allows us to develop the business and exploit a number of exciting opportunities in the major business hubs of Western Africa. The region today is highly attractive for foreign direct investment and lacks a good supply of quality hotel accommodation. We are very excited about the opportunities and are highly encouraged by the financing that has been made available to us.”
Hans Kennedie, President & CEO of Golden Tulip Hotels, Inns & Resorts commented: “We are very pleased to have the opportunity to grow our brands in this vastly developing region. Golden Tulip and Tulip Inn hotels will appeal to the travellers looking for a high quality product and service at an affordable price. The strong presence of Golden Tulip in continental Europe and the Middle East will ensure increasing recognition for the growing portfolio in Western Africa.”
Golden Tulip today combines 250 hotels, of which five hotels are located in the African continent in Cairo (Egypt), Carthage (Tunisia), Dar Es Salaam (Tanzania) and Accra (Ghana).
The Lionstone Company and its subsidiaries, Lionstone Capital Partners, Lionstone Real Estate and Lionstone Corporate Finance is a premier proprietary investment, advisory and project development firm operating in West Africa. Lionstone makes equity and equity related investments in business opportunities where it perceives it can add value beyond the capital it provides. Through the real estate group, Lionstone finds and executes “programmatic” national and cross border real estate investment programs where risk can be managed relative to attractive returns, by undertaking extensive research to find unique sources of value for its capital and its partners. Lionstone is also affiliated with Interlink Capital Strategies, a Washington DC based consulting firm specialising in emerging market finance and business development using U.S government funding programs. This enables Lionstone to gain access to multi-lateral agency funding and gives an international dimension to its capital raising and execution.
W Hospitality Group is a Lagos-based company with various interests in the Nigerian hospitality industry, including a hotel management company operating a number of boutique hotels marketed as The West Africa Collection. These include the renowned Mirage Hotel in Calabar, and the newly opened Dover Hotel in Lagos and the Avalon Hotel in Offa, Kwara State.
Golden Tulip Hospitality B.V. with its head offices based in Amersfoort, the Netherlands and Lausanne, Switzerland, is the owning company of Golden Tulip Hotels, Inns & Resorts, franchising some 250 hotels across 37 countries, with the majority of hotels being located in urban destinations across Europe, the Middle East & Africa. Golden Tulip’s main assets include its intellectual property, hotel management division, franchise division and other shareholdings. Through its commercial alliance with TOP International Hotels, a German based hotel consortium, the French B & B Group and Australian Tourism Hotels & Leisure (THL), the combined portfolio comprises over 52,000 rooms in approximately 534 hotels. Golden Tulip offers a unique franchise concept for two brands, designed to implement international standards, whilst maintaining local flavours: Golden Tulip for the (superior) first class business and resort hotels and Tulip Inn for the limited service first class category. TOP International Hotels offers hotel reservations, marketing and sales services to independent hotels. B&B Hotels are comfortable two star hotels throughout France and Germany. THL operates three sub-brands brands Pacific International Suites & Apartments, Pensione and Plaza Hotels, in the three to five star segment in Asia Pacific. The Hotel Management Division of Golden Tulip Hospitality B.V. operates seven Golden Tulip and Tulip Inns in the Netherlands.
Rachna Taneja – Strategic Development Director
Golden Tulip Hospitality B.V.
Telephone: +31 33 2544 804
|Also See:||Golden Tulip UK Developing £5.5 million Tulip Inn near Castleford, UK; Using Modular Construction Technique, the 119 room Hotel Will be Built in 34 Weeks / February 2004|
|Fattal Hotels, the Largest Hotel Chain in Israel, Rebranding its Paradise Club Hotel to Golden Tulip Eilat / March 2005|