Golden Tulip Expands Middle East Portfolio in Bahrain

. October 14, 2008

MANAMA, Bahrain, January 24, 2006. Golden Tulip Hotels, Inns & Resorts is proud to announce the signing of the management agreement for the 250-room, Golden Tulip Bahrain. This five star hotel will be operating under the Golden Tulip flag as of January 1st, 2006.

Golden Tulip Bahrain is strategically located at the edge of the diplomatic, commercial and business areas of the Island, across the road from the upcoming Bahrain World Trade Centre towers and nearby the Bahrain Financial Harbour. Golden Tulip Bahrain offers 250 contemporary guestrooms including a designated executive floor as well as luxurious suites. The outdoor swimming pool, tennis court and indoor health club provide its guests relaxation and stimulation. The Golden Tulip Bahrain serves a combination of oriental and international cuisine in its restaurants.

Hans W.R. Kennedie, President and CEO of Golden Tulip Hotels, Inns & Resorts, comments; "We are extremely satisfied with our development in the Middle East. Adding the Golden Tulip Bahrain to our fast growing portfolio gives us yet another strong destination in the region. We are very optimistic regarding the outlook of our Middle Eastern network of Golden Tulip Hotels and Tulip Inns as well as our brands' recognition in the market place."

Dr. Amine E. Moukarzel, Vice President and Managing Director for MENA Region of Golden Tulip Hotels, Inns & Resorts, states; "The Golden Tulip Bahrain is an acquisition towards our regional development plan especially as it is located in a business district globally connecting economical and business organizations. We are glad to be present on the Island to contribute to the fast growing tourism. The acquisition of Golden Tulip Bahrain to our group of the MENA region hotels comprises a total of 24 hotels in Egypt, Jordan, Oman, Saudi Arabia, Tunisia, United Arab Emirates and Yemen." Dr. Moukarzel continues, "One of our core values is our indispensableemployees who we take care of through specialised training and development. We will also be concentrating on the Bahrainisation drive of key positions."

The representative of the hotel owning company Investment & Trading (Gulf)Enterprises adds; "We are delighted to join the network of Golden TulipHotels, Inns & Resorts. We would like to thank the previous operator HiltonInternational for managing the hotel for the last 30 years."

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