Golden Tulip Is Not Sold But Leased Out For 12 Years To Lancaster Holdings …owners

Ghana Libyan-Arab Holding Company (GLAHCO) the custodian company over the rebranded Golden Tulip Hotel, has clarified that the hotel which is jointly owned by the Governments of Ghana and Libya has not been sold as claimed in media reports.

In a release, GLAHOC explains that the hotel has only been leased out to Achour Holdings, operators of the Grand Lancaster chain of hotels and that it is as part of a new management deal that Golden Tulip is being rebranded into Lancaster Hotel.

Ghana’s 40% and the Libyan government’s 60% shareholding structure remains, according to the statement by GLAHOC.

Explaining what it said was a misrepresentation to the effect that Golden Tulip has been sold, GLAHOC said what really has happened is a change in Managers due to the French Management contractors, Louvre Holdings, declining to renew their contract due to some regulatory changes in their home country.

“The Golden Tulip brand was operated under a Management Contract with Louvre Hotels Group (LHG) of France. The company gave indications of non-renewal of the agreement at the end of December 2021 citing recent changes in regulatory guidelines in their country of residence,” the statement explained.

It revealed that 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 more improved terms of engagement that offers a better return on investment in the Hotels.

Through this review process, it said, 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.