Starwood Capital Group Global and Golden Tulip Hospitality BV have agreed to terms for an affiliate of Starwood Capital to acquire Golden Tulip and all related brands.
According to a joint statement, Starwood Capital intends to grow the Golden Tulip brands in existing and emerging markets through a strategic alliance between Golden Tulip and Starwood Capital's Louvre Hotels.
"The clear appeal of Golden Tulip Hotels is its strong brand and far reaching franchise network," Rich Gomel, managing director at Starwood Capital Group, said in the statement. "The group is highly complementary to Louvre Hotels, both geographically and on a segment level."
Combined, the alliance will operate more than 1,000 hotels, comprising 82,000 rooms, in more than 40 countries.
"The combination of Golden Tulip with Louvre Hotels will indeed create a new global hospitality force, based on European fundamentals," said Hans Kennedie, managing director of Golden Tulip.
The combined group will have offices in Europe, the Middle East, Africa, Asia, and North and South America. The transaction is expected to be completed by June 26, subject to confirmatory due diligence.