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The Golden Tulip Hotels are not being sold; they are being rented for 12 years

Golden Tulip Hotels not sold; leased for 12 years – Management

The Ghana Libyan-Arab Holding Company (GLAHCO), which is in charge of Golden Tulip Hotels, denies media reports that the hotels have been sold.

According to the report, Achour Holdings, which runs the Grand Lancaster series of hotels, has a 12-year lease on the hotels.

According to a statement from the management, the former lessee, Louvre Hotels Group (LHG) of France, said it would not extend its lease with GLAHCO at the end of December 2021, which prompted the latter to start the recruitment process for a new tenant.

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The leasing option was chosen through this review process, and in accordance with standard procurement procedures, businesses were invited to submit bids for the lease of the Golden Tulip Hotels. Four businesses from four different nations—Ghana, Tunisia, Nigeria, and Lebanon—send their applications to the Board for review.

After much thought, the Board chose Achour Holdings, owners of the Grand Lancaster brand of hotels, and obtained the signature of a lease agreement on May 18, 2022, subject to the fulfillment of pre-operating criteria, according to the statement.

Last week, numerous media reports claimed that the Ghanaian government, which owns a 60% share in Golden Tulip Hotels, and Libya, which has a 40% part, had sold the hotels to a new investor.

Golden Tulip Hotels have not been sold, hence the aforementioned accusation or assumption is untrue, according to GLAHCO.

Golden Tulip hotel in Accra, Ghana - reviews, prices | Planet of Hotels

It said that the lease, which will begin on July 1, 2022, does not signify a sale of the properties.

After much thought, the Board chose Achour Holdings, owners of the Grand Lancaster brand of hotels, and obtained the signature of a lease agreement on May 18, 2022, subject to the fulfillment of pre-operating criteria, according to the statement.

Last week, numerous media reports claimed that the Ghanaian government, which owns a 60% share in Golden Tulip Hotels, and Libya, which has a 40% part, had sold the hotels to a new investor.

Golden Tulip Hotels have not been sold, hence the aforementioned accusation or assumption is untrue, according to GLAHCO.

It said that the lease, which will begin on July 1, 2022, does not signify a sale of the properties.

A rebranding of the Golden Tulip Hotels to Lancaster Hotels, effective as of the lease start date, was verified as a result of the conclusion and signing of the leasing agreement. The hotels’ names were so altered to Lancaster Accra and Lancaster Kumasi City.

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The whole statement is provided below:

A report circulating in the media claims that a Lebanese company has acquired the entire franchise of the Golden Tulip Hotels in Accra and Kumasi, which were formerly owned by a joint venture between the governments of Ghana and Libya. This was noticed by the Ghana Libyan-Arab Holding Company (GLAHCO).

GLAHCO wants to let everyone know that the Golden Tulip Hotels have not been sold, hence the aforementioned claim is untrue.

First of all, Golden Tulip Hotels is a joint venture between the governments of Ghana and Libya, with the governments of Ghana owning a 40 percent minority part and Libyan governments owning the remaining 60 percent.

Under a management agreement with the French Louvre Hotels Group (LHG), the Golden Tulip brand was run. At the end of December 2021, the company signaled that the deal will not be renewed, citing recent modifications to the regulatory framework in their home nation.

The Board of Directors started the process of evaluating options for replacing the Management contract with more improved terms of engagement that offers a better return on investment in the Hotels and subsequently increases value to its shareholders as part of their mandate to make decisions on the strategic direction of the company.

Following this review, the leasing option was chosen, and in accordance with standard procurement procedures, businesses were invited to submit their lease proposals for the Golden Tulip Hotels. Four businesses from four different nations—Ghana, Tunisia, Nigeria, and Lebanon—expressed interest and submitted proposals for the Board’s consideration.

The Board chose Achour Holdings, which runs the Grand Lancaster network of hotels, after much consideration and obtained the signing of a lease agreement with the company on May 18, 2022, subject to the satisfaction of pre-operating requirements.
The leasing agreement’s provisions included, but weren’t limited to: a 12-year initial lease period AND NOT A SALE as claimed by the abovementioned magazine.

July 1, 2022, is the start date for the lease’s operational phase.

Additionally, the business had to build Golden Tulip Accra a 1,000 square meter contemporary convention center. It must be acknowledged that one crucial investment the hotel needed to make in order to increase its revenues and compete favorably in a market that has seen the entry of very reputable brands over the years was a state-of-the-art convention facility.
The Golden Tulip Hotels were rebranded as Lancaster Hotels as of the lease start date as a result of the conclusion and signing of the leasing agreement. The hotels were renamed Lancaster Accra and Lancaster Kumasi City as a result.

The Lancaster Hotels in Accra and Kumasi (formerly the Golden Tulip) will be upgraded to a 5-star classification by Achour Holdings, which operates such establishments in a number of nations.

In the interest of Ghana and its people, GLAHCO made sure that every employee of Lancaster Hotel is protected and won’t lose their jobs and means of subsistence as part of the deal with Achour Holdings.

Therefore, GLAHCO urges the public to discount claims that the government sold interests in Lancaster Hotels.

GLAHCO affirms its unwavering dedication to doing the business of Lancaster Hotels in an ethical and prudent manner.

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