Starwood Capital is currently in negotiations to take over Golden Tulip Hospitality for an undisclosed sum, in a deal that would make the investment firm the 11th largest hotel operator in the world.
The deal would incorporate all assets, franchise and management contracts, as well as the brands Golden Tulip and Tulip Inn, commercial representation contracts and various joint-venture interests.
Negotiations are set to be concluded by the end of June and would lead to a strategic alliance between the budget segment of Groupe du Louvre, controlled by Starwood Capital (Louvre Hotels), and Golden Tulip Hospitality.
The new entity would consist of 1,070 hotels and approximately 80,000 rooms in 40 countries.
Groupe du Louvre also includes Concorde Hotels & Resorts, still controlled by Starwood Capital.
By Gemma Sharkey
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