Golden Tulip files for bankruptcy

27 May 2009 by Mark Caswell

Golden Tulip Hotels (GTH) has filed for bankruptcy for 14 properties in the Netherlands, it confirmed today (May 27).

A spokesperson for the Dutch group said administrators working with GTH executives would now decide the fate of the hotels. The Group said it had applied for bankruptcy on Monday.

In March GTH filed for a suspension of payment for its holding company Golden Tulip Hospitality Management after falling occupancy and revenue led to losses.

GTH said since then it had filed for bankruptcy for its directly owned, Dutch-leased hotels to "make negotiations easier." It said it now hopes to "realise a turnaround plan for these operated hotels."

GTH directly owns and operates 30 hotels in Europe. It said all 14 hotels located in the Netherlands are now in the hands of its administrators.

A further 16 directly owned hotels located in Germany will be considered as "separate entities", GTH said. It is unknown whether these are at risk of bankruptcy.

Agreements to operate 30 joint venture hotels in Vienna and Denmark were cancelled last month, GTH confirmed. In March GTH announced a possible merger with hotel group Apollo Hotels and resorts. GTH said today that the merger was still a possibility and that Apollo was in negotiations with administrators.

The bankruptcy application will not affect GTH's franchised or affiliated hotels which were "separated" from negotiations by administrators. GTH has 720 franchise properties in more than 50 countries.

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Report by Andy Gough

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