Whitbread has acquired Golden Tulip UK for £44 million. The deal includes six hotels trading under the Tulip Inn and Golden Tulip brands, and a further nine which are due to open in the next two years.
The company plans to invest £9 million converting the entire portfolio to its Premier Inn brand. Whitbread said franchise agreements with Golden Tulip Worldwide have been terminated and the six properties currently trading will be rebranded by the end of the year.
Alan Parker, Whitbread CEO, said: “Once rebranded and integrated into our Premier Inn portfolio, our focus will be on occupancy and securing further sites
in the pipeline over and above these 15 hotels.”
Having sold off its Golden Tulip UK franchise business, Golden Tulip Hospitality now intends to directly purchase hotel assets in the UK. The Netherlands-based company plans to spend £50 million on new-builds and conversions to create an estate of 20 Tulip Inns and 10 Golden Tulips over the next five years.
Golden Tulip Hospitality will still operate the Tulip Inn Manchester, which is under separate ownership.