EHM Signs Golden Tulip Franchise Agreement

Former Le Meridien Apollo in Amsterdam

. October 14, 2008

AMERSFOORT, NL, September 14, 2006. Golden Tulip is proud to announce the expansion of the chain with the Golden Tulip Apollo Amsterdam. The hotel is added on the basis of a long term franchise agreement. The hotel, previously part of the Meridien Group, is owned by a group of investors and will be operated by European Hotel Management.

Built in 1928 and formally known as the Apollo Pavilion, the property was converted into a hotel and opened as the 65 room Amsterdam Apollo Hotel in 1968. The hotel was subsequently extended in two phases in 1969 and 1975 and currently features three interconnecting buildings comprising 219 guest bedrooms, including 18 suites. In the past it was owned and known first as a Trust Houses Forte (THF) hotel and later as the Le Meridien Apollo.

Golden Tulip Apollo Amsterdam is located close to the business district 'de Zuid-as' and within walking distance of the RAI Centre, World Trade Centre, the famous Museum square and distinguished shopping areas. The hotel has a wide range of conference facilities (435 squared metres), a fitness room, two waterside terraces, a cosy Lounge Bar and restaurant overlooking the confluence of five Amsterdam canals and marina. Schiphol International Airport is situated 15 kilometres from the hotel. Private car parking facilities are on site.

Hans Kennedie, President & C.E.O. of Golden Tulip Hotels, Inns & Resorts states: "it is with great enthusiasm that we welcome the Golden Tulip Apollo Amsterdam to our portfolio. The hotel has a high profile amongst the international affluent travellers and travel intermediaries. This addition will increase Golden Tulip's presence in the city, strengthening our position in one of Europe's most important hotel markets. As we have previously worked with the executives of European Hotel Management, we are confident that the combination of EHM's operational skills with the full implementation of the Golden Tulip products and services will lead to an exceptional increase of business."

Bas Tolmeijer, Managing Director of European Hotel Management adds: "After the acquisition of the hotel, we were looking for a strong and reputable brand to associate the hotel with. In Golden Tulip, with a history in Amsterdam of almost 45 years, we found the right franchise partner. We enter into this agreement with great assurance that Golden Tulip will provide the hotel the ideal tools and service to position Golden Tulip Apollo Amsterdam in this competitive market."

With this new addition the current Golden Tulip hotel portfolio comprises of 9 hotels in Amsterdam, offering 4 Golden Tulip Hotels and 5 Tulip Inns. In The Netherlands as such with 73 hotels combining over 6.000 rooms, it is one of the largest hospitality providers.

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