WEST AFRICA: GOLDEN TULIP WELCOMES SECOND HOTEL IN GHANA

Amersfoort (NL)/Lausanne (CH), September 2007- Golden Tulip Hospitality Management Ltd. and the Ghana Libyan Arab Holding Company Ltd. signed on Wednesday the 11th July 2007 the agreements pertaining the management of the Golden Tulip Kumasi City.

The Golden Tulip Kumasi City will consist of 160 rooms, suites and apartments, a large conference & function room with capacity up to 500 persons, several meeting areas, a bar lounge, a restaurant and extensive leisure facilities. The hotel is set in spacious grounds with surrounding tropical gardens ideal for both business and leisure guests, and will be fully operated by Golden Tulip Hospitality Management Ltd.

Mr. A.M. Karmus, Managing Director of Glahco comments: “We are delighted to sign a second management agreement with Golden Tulip Hospitality Management. In today’s climate, there is a strong need for rationalizing hotel operations and with the international recognition of Golden Tulip, I feel the Golden Tulip Kumasi City will be in a good hands to continue delivering positive returns and subsequently increase its property value:”

Mr. H.W.R. Kennedie, President & C.E.O. of Golden Tulip Hospitality Group adds: “Golden Tulip is delighted with this new addition to its African hotel portfolio. We are confident that Golden Tulip will provide this new hotel the necessary tools and services to extend the Ghanaian hospitality industry successfully with an international recognition.”

Mr. H. Friese, Vice President West Africa of Golden Tulip Hospitality Group adds: “After fifteen years of successful operations in Accra we are delighted with the extension of our operation in the important city of Kumasi with the Golden Tulip Kumasi City. The business climate in Ghana has proven to be fruitful and stabile and we look forward to receiving our first guests and to introduce our products and services in Kumasi.”

With the addition of the Golden Tulip Kumasi City, Golden Tulip’s portfolio in the African Continent comprises of 11 hotels in Ghana, Tanzania, Egypt, Morocco and Tunisia.

About GLAHCO
GLAHCO, The Ghana Libyan Arab Holding Company Ltd. is a joint venture between the Governments of Ghana and Libya. The joint investment has other investments in agro business and real estate in Ghana. Glahco owns the Golden Tulip Kumasi City.

GLAHCO’ s subsidiary Glahco Hotels & Tourism Development Company Limited owns Golden Tulip Accra and has since 1992 collaborated with Golden Tulip to operate the highly successful Golden Tulip Accra.

About the Golden Tulip Hospitality Group
Golden Tulip Hospitality Group (www.goldentulip.com), with its head offices in Amersfoort, The Netherlands and Lausanne, Switzerland, is a worldwide hospitality company with more than 908 hotels, 81.000 rooms in more than 50 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas. In 2006, Hotels Magazine has ranked this company the 18th largest hotel chain.

As a multi-brand hospitality firm, the Golden Tulip Hospitality Group offers services in the two, three, four and five star categories. On the two-star side Golden Tulip has an alliance with the French B&B hotel chain. The three-star concept is the Tulip Inn for the limited-service first-class category, the four-star category falls under the Golden Tulip brand for the Superior First-Class business and Resort hotels and the recently introduced five-star concept Royal Tulip. In addition Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium.

In the fall of 2006, Golden Tulip introduced BRANCHE, Restaurant, Bar and Lounge. This is a free standing restaurant chain, which will have establishments in most Golden Tulip Hotels and Tulip Inns operated by Golden Tulip. (For more information please visit www.brancherestaurants.com)