Font size: A A A A
Home > Supplier Information > Accommodation > hotels
Related topics: hotels,business hotels, city hotels, Europe
Font size: A A A A

Golden Tulip Moves Toward Bankruptcy

April 8, 2009 By: David Eisen


Golden Tulip Hospitality Group has moved into voluntary receivership (a kind of corporate bankruptcy whereby a receiver is appointed by bankruptcy courts or creditors to run the company) blaming declining occupancy rates and the cost of investing in new hotels.

The responsibility of the receiver is to recoup unpaid loans or company obligations. Being in receivership is not an enviable position because, oftentimes, receivers look to pay back loans by liquidating the company's assets, which effectively puts the company out of business.

Golden Tulip has over 780 hotels in its portfolio, 60 of which it owns outright.

A statement by Golden Tulip said, "The general decline in the leisure and hospitality sector due to the recession, have also had their impact on Golden Tulip, especially outside the Netherlands and Belgium the occupancies have declined substantially in the last three quarters."

Reports talk of a possible merger with Apollo Hotels & Resorts and private equity firm H2 Equity Partners.


What do you think of this $type?

This comprehensive guide begins at Alfava Metraxis and ends at Doctor Who Magazine wins the ACE Press Award 0 Following its record breaking ABC figure earlier this year, Doctor Who Magazine had cause for further celebration at the 2014 ACE Press Awards held viagra bedeutung online apotheke at the Museum of London. This may take a second or two.