Golden Tulip now Lancaster Hotel but not sold – Mgt

Google search engine

Managers of Golden Tulip Hotels have debunked reports that their facilities in Accra and Kumasi have been sold.

Ghana Libyan-Arab Holding Company (GLAHCO) says the Hotels have not been sold.

They explained in a statement on Monday that the Golden Tulip brand was operated under a management contract with Louvre Hotels Group (LHG) of France.

The Group gave indications, however, that its agreement would not be renewed at the end of 2021, citing recent changes in regulatory guidelines in their country of residence.

The Board of Directors as part of their mandate to make decisions on the strategic direction of the company began the process of evaluating options for replacement of the management contract with a more improved terms of engagement that offers a better return on investment in the Hotels and consequently increase value to its shareholders.

Through this review process the leasing option was selected and in line with general procurement processes, companies were invited to present proposals for lease of the Golden Tulip Hotels.

Four companies from four different countries namely Ghana, Tunisia, Nigeria and Lebanon expressed interest and sent through their proposals for consideration by the Board.

After several months, the Board is reported to have settled on Achour Holdings, operators of Grand Lancaster chain of hotels.

A lease of agreement was, therefore, signed on Wednesday, May 18.

GLAHCO explained that per the agreement, the facilities have been leased and not sold for 12 years.

The effective date for the commencement of lease operations of Friday, July 1, 2022.

“The conclusion and signing of the lease agreement meant a re-branding of the Golden Tulip Hotels to Lancaster Hotels effective from the lease start date.

“Consequently, the names of the hotels were changed to Lancaster Accra and Lancaster Kumasi City.”

Golden Tulip Hotels is a a joint venture between the Libyan Government and the Ghana Government with the Government of Ghana holding a minority stake of 40 percent and the 60 percent majority stake held by the Libyan Government.

GLAHCO has assured that every employee will be protected and “will not lose their jobs and livelihood”.

“GLAHCO therefore calls on the general public to disregard allegations of sale of government shares in Lancaster Hotels.

“GLAHCO reiterates its unflinching commitment to managing the affairs of Lancaster Hotels in a transparent and judicious manner.”

By Emmanuel Kwame Amoh|3news.com|Ghana

Google search engine