It sounds like the hold up with Starwood Capital's closing of the Golden Tulip purchase was due to a change in what exactly Starwood Capital would be purchasing.
Originally the deal was supposed to include all assets of Golden Tulip, including all the company owned hotels (numbering under 300), branding rights, development rights, franchising rights and intellectual property of Golden Tulip.
Now it seems that Starwood will only be purchasing 240-260 of the company owned hotels (in addition to the branding, franchising and development rights, and other Golden Tulip intellectual property).
Its not clear what will happen to the other company owned hotels that are not included in the purchase – they may either be converted to a franchised hotel or they may be converted into a completely other brand.
Its also not clear at this point which particular hotels are not being included, if they are random hotels throughout the world, or if they are all hotels in a certain area or of a certain Golden Tulip sub-brand.
Its worth mentioning – and I've gotten this confused on a few occasions – there are 780 hotels in the Golden Tulip umbrella – Tulip Inn, Golden Tulip, and Royal Tulip, but a little under 300 of those hotels are company owned. I had been confused in the past if there were a total of 780 hotels or around 300.
email@example.comAndrew Calvo is a 26 year old Commercial Real Estate Advisor in New Jersey. I live in Tinton Falls, NJ. This blog is about my passions - primarily hotels, commercial real estate, and development, etc.Since I have been in High School Iä¹«ve had numerous jobs, but the field which has always interested me is Real Estate, Hotel Development and Construction. I consider myself a zealot in that area - I try to absorb as much as I possibly can, take the experiences that I learn, or read about and use them in my life. www.passionsofazealot.com