Hotel chain Golden Tulip requests receivership
Dutch hotel operator Golden Tulip Hospitality Group said on Tuesday it was going into voluntary receivership and discussing a possible merger with Apollo Hotels & Resorts.
Golden Tulip, which owns 60 hotels directly with a further 720 franchised or affiliated across more than 50 countries, said declining occupancy rates and the cost of investing in new hotels had led to losses.
A spokesman for the group said it had filed for suspension of payments as a form of protection from creditors, and an interim receiver would be appointed by a court.
"The general decline in the leisure and hospitality sector due to the recession, have also had their impact on Golden Tulip," the group said in a statement.
"Especially outside the Netherlands and Belgium the occupancies have declined substantially in the last three quarters."
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Source - Reuters
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