‘Lease of Golden Tulip hotels to Achour Holdings to ensure better returns on investment’

Ghana Libyan-Arab Holding Company (GLAHCO) has denied reports alleging that a Lebanese company has purchased the whole franchise of the Golden Tulip Hotels in Accra and Kumasi owned by a joint venture between the government of Ghana and Libya.

“GLAHCO wishes to inform the general public that, Golden Tulip Hotels have not been sold, therefore the said allegation/assertion is false,” it said in a statement issued in Accra yesterday.

The statement said “First of all, Golden Tulip Hotels is a joint venture between the Libyan Government and the Ghana Government with the Government of Ghana holding a minority stake of 40 per cent and the 60 per cent majority stake held by the Libyan Government.

The Golden Tulip brand, the statement said was operated under a Management Contract with Louvre Hotels Group (LHG) of France. 

The company the statement said gave indications of non-renewal of the agreement at the end of December 2021, citing recent changes in regulatory guidelines in their country of residence.

“The Board of Directors as part of their mandate to make decisions on the strategic direction of the company began the process of evaluating options for replacement of the Management contract with a more improved terms of engagement that offers a better return on investment in the Hotels and consequently increase value to its shareholders,” the statement

Through this review process, the statement said the leasing option was selected and in line with general procurement processes, companies were invited to present proposals for lease of the Golden Tulip Hotels. 

“Four companies from four different countries namely Ghana, Tunisia, Nigeria and Lebanon expressed interest and sent through their proposals for consideration by the Board,” the statement said.

After several months of deliberation, the statement said the Board settled on Achour Holdings, operators of Grand Lancaster chain of hotels and subsequently secured the signing of a lease agreement with the company on May 18, 2022 pending fulfilment of pre-operating conditions.

“The terms of the lease agreement included but not limited to the following; a primary lease term of 12 years and not a sale. The effective date for the commencement of lease operations of July 1. 2022The company was also required to construct a modern conference facility of 1,000 square metres for Golden Tulip Accra.  It must be said that a state-of-the-art conference facility for the hotel has been one key investment needed for the hotel to improve its revenues and compete favourable on a market that has seen the entry of very reputable brands over the years,” the statement said.

The conclusion and signing of the lease agreement the statement said, meant a re-branding of the Golden Tulip Hotels to Lancaster Hotels effective from the lease start date.  Consequently, the names of the hotels were changed to Lancaster Accra and Lancaster Kumasi City


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