Golden Tulip Signing Management Agreements for Five Hotels in Morocco

Moroccan/Kuwaiti development company CMKD and GOLDEN TULIP enter into long-term management agreement

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. October 14, 2008

AMERSFOORT, NL, February 28, 2006. Golden Tulip Hospitality announces its expansion into the Kingdom of Morocco through the signing of a hotel management agreement for the five existing Farah Hotels. The Superior First Class and Luxury hotels are all located in strategic Moroccan destinations and have all been under operation by parent CMKD for the last 5 years.

The hotels, which all will become Golden Tulip branded hotels effective March 1, are:

• Casablanca - Golden Tulip Farah Casablanca

• Marrakech - Golden Tulip Farah Marrakech

• Rabat - Golden Tulip Farah Rabat

• Safi - Golden Tulip Farah Safi

• Khouribga - Golden Tulip Farah Khouribga

The management agreement will go into effect on the 1st of March and will be operated through Golden Tulip in Morocco Managed by Mr. Rochdi El Bouab, one of Morocco's well seasoned professionals.

The hotels are owned by CMKD, which stands for the Consortium Morocco-Kuwaiti for Development (CMKD), a joint venture between Morocco and Kuwait. From the time of its creation in 1977, CMKD has had as its principal objective, to contribute towards the strengthening of the economy of the Kingdom of Morocco through investment projects that will help, not only in the creation of employment opportunities but also in promoting Morocco's strategic sectors namely, Tourism, Real Estate and Finance.

Mr. Waleed F. El Fehaid Managing Director of CMKD, commented on the arrangement, "CMKD wanted to align ourselves with a professional and international hotel management company, who truly understood the meaning of "International standards and local flavours". In Golden Tulip with the Managing Director for Morocco, Mr. Rochdi El Bouab, we are certain to have found the right combination. CMKD is very committed to Morocco and its exciting plans for developing a new tourist platform. CMKD is intensely involved in these plans and we wanted to partner with a professional hotel company, which would be able to take on properties as we go forward and develop."

Mr. Hans Kennedie, President & CEO of Golden Tulip Hospitality commented, "We are very pleased to have the opportunity to grow our brands in this vastly developing region. Golden Tulip and Tulip Inn hotels will appeal to the travellers looking for a high quality product and service at an affordable price. The strong presence of Golden Tulip in continental Europe and the Middle East will ensure increasing recognition for the new portfolio in Morocco. We are even pleased with our co-operation with CMKD and our local staff headed by Mr. Rochdi El Bouab. This truly brought a local development company, a local seasoned and experienced hotel expert and an international hotel company together. We believe theses are the right ingredients for success in the region."

Mr. Rochdi EL BOUAB, Sr. Vice President & Managing Director Morocco adds, "It gives me great pleasure to announce the signing of these five management agreements. Morocco is an ideal location for both leisure and business travellers and with the diversity and uniqueness of each and every hotel I am confident that the business will develop. This is the ideal moment to generate brand awareness in Morocco and with the Golden Tulip Farah Hotels it is even more ideal: We are entering the right market at the right time and with the right tools. I am deeply confident in our commercial network strength, the brand Golden Tulip and the Know how. The combination of all of the brand and will quicken future developments. Furthermore, Golden Tulip local team expertise on the market will make the introduction of Golden Tulip easy in Morocco and North-West Africa."