Golden Tulip has announced that it will file for bankruptcy for its hotels in The Netherlands.

The group fully owns 13 hotels in the country and in total 60 worldwide; however this move is not expected to impact the more then 700 franchised or affiliated hotels.

Reuter reported: "The unlisted hotel chain had warned earlier this year that declining occupancy rates and the cost of investing in new hotels had led to losses.

In March, it said it was going into voluntary receivership and discussing a possible merger with Apollo Hotels & Resorts."

DutchNews.nl reports; "Receiver Rinke Dulack told ANP that a lot of companies were interested in taking over the hotels and the contracts with the franchisees.

The hotels have been kept open in anticipation of a restart.

Golden Tulip, originally a Dutch company, has 780 hotels worldwide and applied for court protection from creditors in March."