Accra, May 17, GNA - Golden Tulip Hospitality (GTH) has signed an agreement to take over the management of Golden Tulip Accra with effect from July 2006.

Golden Tulip Accra is owned by GLAHCO Hotels and Tourism Development Company Limited and has been with Golden Tulip under a franchise agreement since 1992.

Mr Ernest Asamoah, Executive Director of GLAHCO Hotels and Tourism Development Company Limited, said they were delighted to sign a management agreement with Golden Tulip Hospitality Management.

"In today's climate, there is a strong need for rationalizing hotel operations and with the international recognition of Golden Tulip, I feel the Golden Tulip will be in a good hands to continue delivering positive returns and subsequently increase its property value," he said in a statement from Golden Tulip Hospitality.

Hans Kennedie, Managing Director and Chief Executive Officer of Golden Tulip Hospitality, said: "We are extremely pleased with the addition of Golden Tulip Accra to our Hotel Management portfolio. This hotel has been with Golden Tulip under a franchise agreement for over 14 years and we look forward in implementing our management formula to continue to position itself highly in the hospitality world." Golden Tulip's portfolio in Africa comprises of 10 hotels in Egypt, Morocco, Ghana, Tanzania and Tunisia.

Golden Tulip Accra is a first class African Style Business Hotel with 234 superior guestrooms and centrally located in the developing business district of Accra.

GLAHCO Hotels and Tourism Development Company is a subsidiary of Ghana Libyan Arab Holding Company, a joint venture between the Governments of Ghana and Libya.

The joint investment has other investments in agro-business and real estate in Ghana.