Golden Tulip to Invest £50m in New UK Properties

19th October 2007 (Last Updated October 19th, 2007 09:21)

Golden Tulip Hospitality says it will spend an initial sum of £50m on acquiring new UK hotels following the sale of its master franchisee, Golden Tulip UK, to hospitality company Whitbread late last month. Golden Tulip president Hans Kennedie says the company expects to develop 30 hotel

Golden Tulip Hospitality says it will spend an initial sum of £50m on acquiring new UK hotels following the sale of its master franchisee, Golden Tulip UK, to hospitality company Whitbread late last month.

Golden Tulip president Hans Kennedie says the company expects to develop 30 hotels in the next five years, focussing on greenfield sites and conversions.

He says the success of Golden Tulip UK shows the brand has been accepted and is preffered by British customers.

“The fact that the hotels have been sold to Whitbread is a development which happens in our industry and we just have to continue on our journey to provide the British market with our hospitality brands,” Kennedie says.

Whitbread paid £44m for six Tulip Inn and Golden Tulip hotels and nine other properties.

The company says the 15 sites will be converted to the Premier Inn brand by the end of the year, at a cost of £9m.

By Elizabeth Clifford-Marsh