Golden Tulip Hospitality announces its expansion in Germany and Austria, through the taking over of the hotel lease agreements for five hotels previously managed by German based RIMC.

German Development Company RIMC and Golden Tulip Hospitality redefines their longstanding relationship.

The acquisition is effective the 1^st of April. Four hotels are already open and the Golden Tulip Hamburg Aviation will open as per the fall 2006 when the brand new hotel will open its doors. They are as follows:

• Austria - Golden Tulip President Wien
• Germany - Golden Tulip Lübecker Hof
• Germany - Golden Tulip Wolfenbüttel
• Germany – Golden Tulip Hamburg Aviation (Opening Fall 2006)
• Germany – Tulip Inn Munich Airport

The Golden Tulip Lübecker Hof, the Golden Tulip Wolfenbüttel and the Golden Tulip President Wien have been with Golden Tulip for a number of years under a franchise agreement. The Golden Tulip Hamburg Aviation and the Tulip Inn Munich Airport are completely new additions to Golden Tulip's hotel portfolio.

Golden Tulip Hospitality now has 32 Golden Tulip hotels and Tulip Inns in Germany, Austria and Switzerland.

Mr. Gert Prantner, Managing Owner of RIMC comments: "We are delighted to have handed over these agreements. Golden Tulip and RIMC have been working together successfully for a decade establishing a solid relationship and we are confident that with the full implementation of Golden Tulip tools and services, the hotels will lead to higher revenues and international recognition.

RIMC has redefined itself as a development company continuing to work closely with Golden Tulip as their strategic partners developing hotels in Germany."

Hans Kennedie, President  & CEO of the Golden Tulip Hospitality Group adds: "It gives me great pleasure to announce these new additions to our hotel management portfolio. For the Golden Tulip the addition of the 5 hotels, along with the already operated Golden Tulip Frankfurt – Offenbach, means a stronger foothold in the Germany speaking part of Europe. The hotels are great and are located in strategic parts of Germany and Austria.

The Golden Tulip President in Vienna is the first hotel to be operated by Golden Tulip in Austria. With this deal we end a long period of development negotiations and we mark the beginning of our European hotel operation activities.

We would like to expand our managed portfolio to all the key cities in Germany, Austria and of course Switzerland. It is our intent to operate some 20 hotels in the region within the next two years.