IKEA Building Tulip Inn Adjacent to IKEA Concept Center

Hotel Will be Furnished with IKEA Furniture

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. October 14, 2008

AMERSFOORT, NL \ LAUSANNE, CH, DELFT, NL, August 28, 2007. Inter IKEA Systems B.V. Chairman and CEO Thomas Bergstr"om, Golden Tulip President & CEO Hans Kennedie, and Andr'e Boelaert CEO of STRABAG Benelux host the groundbreaking ceremony to kick-off the construction of the Tulip Inn located next to the IKEA Concept Center in Delft.

The 140 room Tulip Inn Delft is expected to open its doors in December 2008. The executive board of Golden Tulip, Inter IKEA Systems B.V. and STRABAG along with the local authorities and over 75 exclusive business partners and associates attended the ceremony consisting of speeches, the driving the first pole into the ground as a symbolic start of the construction and were later invited to enjoy traditional Swedish finger food at the specially designed exhibition area. The exhibition area provided the invitees a look & feel of the rooms of the hotel.

Inter IKEA Systems B.V. will be the owner of the hotel and Golden Tulip will operate the hotel under the Tulip Inn brand.

Inter IKEA Systems B.V. furthermore presented a check of EUR 5.000 to their neighbor Stichting Kindertuinen Delft. For more information about Stichting Kindetuinen Delft visit their internet site www.kindertuinendelft.nl.

Thomas Bergstr"om, Chairman and CEO of Inter IKEA Systems B.V. comments, "Golden Tulip is an international hotel chain with a good reputation. We are looking forward to this co-operation between our companies to design and establish a hotel under the Tulip Inn brand. I am pleased to be able to offer our students at the IKEA College and other guests a staying and living option close to our IKEA Concept Center."

Andr'e Boelaert, CEO of STRABAG Benelux adds: "STRABAG has built and developed many hotels and stores all over Europe. We are happy to co-operate with IKEA and Golden Tulip, as they are as international as we are. It gives a great feeling to be part of the realization of this hotel project. Let us practice this by using the old Dutch pile driver together.

Hans Kennedie, President and CEO of Golden Tulip Hospitality Group adds, "This hotel will serve a two-fold purpose; serving international students of the IKEA Concept Center with accommodation for a long term basis and the hotel will allow surrounding businesses to see the hotel as an attractive commodity for those looking for accommodation or meeting/conference area. It is with great excitement that we embark this project"

The hotel's exterior and interior is being jointly developed by a project team of experts from both companies. The hotel will be furnished with IKEA furniture.

In order to assist the environment in this area, in autumn 2007, Inter IKEA Systems B.V. will together with Municipality of Delft plant 109 trees of 20 and 30 cm width. This will provide a green feel to the landscape around the Tulip Inn Hotel and the IKEA Concept Center. As part of this environmental plan, an ecological bank will also be established along the southern boundary of the hotel site for the local wildlife. Also, as part of an initiative to use sustainable energy sources, Solar Panels will be used to contribute to the hotel water heating system.