Ghana: “Letting Golden Tulip hotels to Achour Holdings to ensure a better return on investment”

Ghana Libyan-Arab Holding Company (GLAHCO) has denied reports that a Lebanese company bought the entire franchise of Golden Tulip hotels in Accra and Kumasi belonging to a joint venture between the government of Ghana and Libya.

“GLAHCO wishes to inform the general public that the Golden Tulip Hotels have not been sold, therefore said allegation/claim is false,” he said in a statement released in Accra yesterday.

The statement read: “Firstly, Golden Tulip Hotels is a joint venture between the Libyan government and the Ghanaian government, with the Ghanaian government holding a 40% minority stake and the majority 60% stake held by the Libyan government.

The Golden Tulip brand, according to the release, was operated under a management contract with Louvre Hotels Group (LHG) of France.

The company, according to the release, gave guidance on not renewing the deal at the end of December 2021, citing recent changes in regulatory guidelines in their country of residence.

“The Board of Directors, as part of its mandate to make decisions on the strategic direction of the company, has begun the process of evaluating options for replacing the management contract with more improved terms of engagement. that provide a better return on investment in hotels and therefore increase value for its shareholders,” the statement

Through this review process, the statement said the rental option was selected and, in accordance with general procurement processes, companies were invited to submit proposals for the rental of Golden Tulip hotels.

“Four companies from four different countries, namely Ghana, Tunisia, Nigeria and Lebanon, have expressed interest and sent their proposals for consideration by the board of directors,” the statement said.

After several months of deliberations, the statement said the board selected Achour Holdings, the operators of the Grand Lancaster hotel chain and subsequently secured the signing of a lease agreement with the company on May 18, 2022 in pending the fulfillment of pre-operating conditions.

“The terms of the lease agreement included, but were not limited to, the following: a primary lease term of 12 years and not a sale. The effective start date of lease operations was July 1, 2022. The company was also to construct a 1,000 square meter modern conference hall for Golden Tulip Accra It must be said that a state of the art conference hall for the hotel was one of the key investments needed for the hotel to improve its revenue and be competitive in a market that has seen the entry of highly reputable brands over the years,” the statement read.

Completion and signing of the lease agreement, according to the statement, signified a rebranding of Golden Tulip Hotels to Lancaster Hotels effective from the start date of the lease. Therefore, the names of the hotels have been changed to Lancaster Accra and Lancaster Kumasi City

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