Golden Tulip Hotel Annual Report 2007

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AN NU AL R E PO RT 2007


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GO L D E N T U L I P H O S P I T A L I T Y GR O U P, A L O N G W I T H I T S

CO-SHAREHOLD ERS STELLA GROUP FROM AUSTRALIA AND

PROTEA TOP INTERNATIONAL ENCO MPASSES

OVER 800 HOTELS WORLDWIDE.

Chain Properties Rooms Destinations

Golden Tulip Hotels, Inns & Resorts 258 31,388 257

Stella Hospitality Group 278 24,134

TOP International 251 21,208 215

Grand total 787 76,730 472

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TABLE OF CONTENTS

Letter from Henri (Hans) W.R.Kennedie

Our Business

History of Golden Tulip

Mission and Vision

Golden Tulip Business Structure

Management and Franchising

Central Administration Services

The Golden Tulip Formula

Brands & Concepts

The Brands

Tu li p Inn

Golden Tul ip

Royal Tul ip

BRANCHE Restaurant,Bar & Lounge

Simply Meet and Lets Meet Again

Value Drivers

The Operating System

Golden Tulip Training Academy

Core Values

Energetic Golden Tulip

People:Organizational Structure and

Regional Offices

Awards 2007 and Hotel of the Year 2008

Business Development

Achievements 2007

Additions 2007 per brand

Performance Statistics 2007

Portfolio (Hotels and Rooms)

Franchise and Management Value Driver Revenues

Value Drivers Analysis

Port fol io Stats

The Future

Upcoming Brands and Concepts

Tulip Residences

George & Co

The State Room

The Portfolio

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HISTORY OF GOLDEN TULIP

1962

Golden Tulip Hotels is

founded in the

Netherlands by a group

of six independent

hoteliers.

1975

Golden Tulip Hotels and

KLM Royal Dutch Airlines

enter into a joint venture

agreement initiating the

companyGolden Tulip

Hotels Worldwide, which

aims to expand through

brand licensing.

1980

The licensing and hotel

management businesses

are consolidated into one

company named Golden

Tulip International.

1990

KLM divests of its shares

in Golden Tulip allowing

both companies to focus

on their respective core

businesses.

1993

Introduction of limited

service hotel brand Tulip

Inn.

1996

A five-year agreement

is negotiated with Utell

International to operate

the hotel licensin g

business of Golden Tulip

and Tulip Inn under the

name Golden Tulip

Worldwide.

2001

NH Hotels ad

Tulip Worldwi

(franchise port

the recently ac

Golden Tulip I

hotels (manag

portfolio).

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MISSION AND VISION

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Golden Tulip Hospitality Group is an international

multi-brand group working with brands ranging from

midscale to upper upscale,su ites and long-stay

accommodation. Golden Tulip franchises and manages

individual hotels as well as hotel groups (through

alliances and joint ventures).Furthermore,Golden

Tulip offers different restaurant concepts as well as

two meeting and conferen ce brands.

MI S S I O N :

To be the leading multi-branded hotel chain offering

excellent care for customers and staff in those

markets where we have chosen to operate.

The group's common objective is to maximize

revenues and profits by utilizing all opportunities and

synergies the chain offers whilst implementing

international standards and maintaining local flavours.

V I S I O N :

Golden Tulip aims to reach a combined multi-branded

portfolio of 1,000 hotels offering excellent global

coverage by the year 2010.Gro wth is to be

achieved organically, through franchising, management

and leasing of individual hotels, and strategically,via

alliances,joint ventures,mergers or acquisitions of

existing hotel groups.


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MANAGEMENT AND FRANCHISING

The Hotel Management and Franchising business

divisions have been brought together under one

umbrella to further emphasize the fact that no

difference is made between hotel management and

franchising.All procedures,concepts and models

developed for management operations are made

available to franchisees.

Hotel Operations

The Hotel Operations department is responsible forthe overall profitability of each hote l operated by

Golden Tulip (under a management or lease

agreement). Optimal guest satisfaction,together with

high standards regarding the hotel product and

maintenance, is the key objective of the Hotel

Operations division. Hotels are responsible for the

functioning of their front desk,r eservations,

housekeeping and food and beverage, further

ensuring that the focus is on hospitality.

Marketing

Through its commercial Value Drivers (Goldres,

Ambassador Club, Central Meeting Line, Connections,

E-commerce and Leisure marketing) Golden Tulip

provides a unified and centrally coordinated system

that facilitates a high Brand Performanc e Impact and

consequently a high return on investment for each

hotel.

Marketing is centralized, ensuring that correct brand

exposure and effective use of resources is guaranteed.

Corporate Sales

Sales is a centralized discipline with a clear focus on

ensuring the highest occupancy levels at the best

possible rates, chain-wide. Golden Tulip provides an

international sales network of regional offices in the

Netherlands,Switzerland, Germany, Italy, UK,Romania,

United Arab Emirates,Australia and Brazil.

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Food & Beverage

The Food & Beverage team manages restaurant, bar

and banquetting facilities,o ffering high standards of

services while maximising profit.In 2006,Golden Tulip

launched a new F&B concept which offers the

combination of restaurant, bar and lounge with the

aim of instigating a comeback of hotel restaurants in

Europe. Detailed information of the BRANCHE

concept can be found on page 18 of this report.

Human Resources

The Human Resources Management of Golden Tulip is

centralized and is responsible for a multitude of

disciplines ranging from salary administration and

recruitment to career-pathing and pensions.

Responsibilities:

Staff satisfaction programme

Career p lanning

Accelerator programme (post-graduate or graduate

traineeships)

Employee of the month

Job descriptions

Evaluation procedures

Employee Code of Conduct & Practice

Training

In order to ensure the continued strength and growth

of a brand,whe ther it is within franchised or managed

hotels, extensive training is required. This is true for

both hotel and corporate staff. Golden Tulip Training

Academy offers a large number of courses optimizing

brand performance as well as guaranteeing high

standards in all aspects of service, which in turn

ensures increased guest satisfaction.

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CENTRAL ADMINISTRATION SERVICES

Contracting & Legal

The main activities of the Contracting & Legal

department include the management of Golden Tulips

trademark por tfolio as well as all management,

franchise and lease agreements. Further activities

relate to the preparation and review of all commercial

agreements with partners and suppliers.

Business Development

The primary concern of the Business Developmentdepartment is to expand the hotel management

business of Golden Tulip, either through the

conversion of existing hotels or through the

development of new build projects.

Central Finance

The finances of all fully owned group hotels are

responsible for ensuring that the financial household

of Golden Tulip is in good health.All fu lly owned

group companies are consolidated and managed from

head office.

CE N T R A L CO MME R CI A L

SERVICES

Brands & Concepts

Brand positioning, growth in global recognition,

and application and enforcement of the correct brand

standards are controlled by the Brands & Concepts

department.Furthermore, this department is

responsible for researching and developing new

concepts, brand marketing strategies andmarketing products.

Distribution & IT

The Distribution & IT department ensures that all

hotels and partners are represented through all

available distribution channels.This department offers

Property and Revenue Management Systems solutions

through intern ational supplier par tnerships, and

maintains data hosting locations at strategic

internet locations.

Corporate Communications

The Corporate Communications department is

responsible for any internal and external

communications provided by Golden Tulip.This

includes press releases,hotel ranking surveys, annual

reports, website information and any other

communications of corporate concern.

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Tulip Inn

International standards,local flavours

Tulip Inn is a midscale brand with F&B options.

All Tulip Inns are different yet share the same strong

regional focus.

They offer business and leisure travellers a wide range

of hotels in convenient locations, usually in city

centres or close to major access routes.

Comfortable,well maintained and functional

accommodations

Friendly and excellent service at affordable prices

Meeting facilities (Simply Meet)

Unique and innovative bar and restaurant

concepts

Exceptional value for money for business or

pleasure

Golden Tulip

International standards,local flavours

Golden Tulip is an upscale brand, with international

standards of comfort, service and facilities.Each hotel

offers its own individual character,whilst reflectin g the

unique flavour of its location. All Golden Tulip hotels

are situated in key destinations.

Spacious guestrooms and suites, cable TV andmovie entertainment options

Outstanding facilities and superior service

Ideal locations for meetings and business events

(Lets Meet Again)

Leisure and fitness facilities

Unique and innovative bar and restaurant

concepts

24-hour recept ion services

High-speed internet access

Parking faci l i ties

Maximum value for money

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BRANCHE Restaurant,Bar & Lounge

BRANCHE is a comfortable restaurant,bar and lounge

in one, beautifully designed and offering good quality

food and drinks at competitive prices.Enjoy the informal

and relaxed atmosphere whilst light jazz and lounge

music is played live in the background.

The name BRANCHE is a reference to nature and this is

reflected in the interior,which uses natural colour s andmaterials such as wood,leather and nibo stone.The

name BRANCHE is also inspired by the diversity of the

seasons and special attention is given to trees and their

harvest.The food served at BRANCHE is natural and

fresh:the way nature intended it to be.

Have a leisurely breakfast or a bite to eat for lunch.

Relax in the Lounge in the afternoon and enjoy the

comfort food available or indulge in one of the unique

specialities for dinner.Wind down in the evening with a

nightcap at the bar.Much of the concept has to do with

flexibility.The guest decides,something which, though it

may seem to be a logical approach,is not always the

case in the world of hospitality.BRANCHE is easily

accessible and has a casual atmosphere,but at the same

time BRANCHE has sophistication as well;casual

elegance describes it best.

www.brancherestaurants.com

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VALUE DRIVERS

C O R E V A L U E S

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Connections: Golden Tulips Connections combines

18 frequent flyer programmes awarding frequent

flyer miles per stay at any Golden Tulip Hotels,

Inns & Resorts. Golden Tulip partners include among

others KLM-Air France (Flying Blue),American Airlines

(AAdvantage),Lufthansa (Miles & More),and

Varig(Smiles).

Leisure Marketing: Golden Tulips Leisure

Marketing develops and launches promotional offers

aimed at the individual leisure guest.These include

products such as seasonal offers, weekend breaks and

prepaid rates.Those offer s are promoted through the

Golden Tulip websites, e-newsletters, advertisements

and seasonal brochures.

E-commerce: Golden Tulips E-commerce

programme consists of a network of country, regional

and city based websites all equipped with real-time

availability and booking options in multiple

languages.Furthermore, Golden Tulip provides

individual Golden Tulip hotel websites with real-time

booking engines.The corporate websites are available

in eight languages and the hotel websites can be

made available in up to 17 different languages.

Extra features to the hotel websites include, among

others, local weather information and virtual tours.

Both corporate websites (www.goldentulip.com and

www.corporate.goldentulip.com) are equipped with

RSS (Real System Syndication) technology.

Flavours: Flavours is a guest loyalty programme

designed to enhance guest experience and increase

customer satisfaction. Membership is offered to guests

that stay at any Golden Tulip Hotels,I nns & Resor ts.

Flavours offersthree membership levels:Advanced,

Silver and Gold,depending on the number of room

nights stayed per year.

www.flavours-benefits.com

Operational Value Drivers: The operational value

drivers are the additional benefits and services made

available to the hotels, assisting in achieving high

quality and standards as well as reducing costs.

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PEOPLE : ORGANIZATIONAL STRUCTURE

AND REGIONAL OFFICES

Offices

The headquarters of Golden Tulip Hospitality Group

Is located in Lausanne,Switzer land.

Regional offices operated by Golden Tulip are led by a

regional director managing a team of brand

performance and sales support managers.

Golden Tulips regional offices are located in areas

where a large cluster of hotels are present.Th ese

offices are situated in the following locations:

Europe

SwitzerlandLausanne

NetherlandsAmersfoort

ItalyRome & Milan

GermanyDsseldorf

United KingdomLondon

Romania & MoldovaBucharest

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AWARDS 2007 AND

HOTEL OF THE YEAR 2008

CORPORATE AWARDS:

International Hotelier Global Citizen

The President & CEO of Golden Tulip Hospitality

Group Mr.Hans W.R. Kennedie was honoured as the

first 'International Hotelier Global Citizen' by the

International Hotel Conference. The award is based

on his impact during more than 20 years in the

hospitality industry and his equally significant

humanitarian contributions to care for the elderly and

the European foo d-service mar ket.

Internationaal Ondernemen 2007

(International Enterprise 2007)

The President & CEO of Golden Tulip Hospitality

Group Mr.Hans W.R.Kenn edie was honoured with

the International Enterprise 20 07 award given by

Kamer Van koophandel Gooi- en Eemland (the

Chamber of Commerce of Gooi and Eemland) in the

Netherlands.The award criteria are the following:

Influence on the market

At least 20% of total revenue from export/import

International attitude part of company management

Increase in the number of import and export

countries

HSMAI- Adrian Awards

Bronze Adrian Award was given by the Hotel Sales &

Marketing Association International (HSMAI) for the

launch campaign of Flavours as the best Integrated

Web Marketing Campaign within a hotel chain

affiliated group,or franchise system.

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BUSINESS DEVELOPMENT 2007

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ROYAL TULIP

During 2007 Golden Tulip Hospitality Group

added four new destinations to be opened under the

Royal Tulip brand.

Royal Tulip is Golden Tulip Hospitality Groups upper

upscale brand offering the most elegant and luxurious

rooms available.

Royal Tulip Hotels are designed to act as sophisticated

business and leisure facilities with state-of-the-art

technology, modern fitness c entres and a wide c hoice

of recreational facilities. Special attention is given to

providing guests with maximum comfort and

unsurpassed personal service, creating an experience

that is as enjoyable as possible for the duration of

their stay. A variety of restaurants, cafs and bars are

available for the guest to choose from, as well as a set

of around the clock travel services.

www.royaltuliphotels.com

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LOYALTY PROGRAMMES STATISTICS 2007

(AMBASSADOR CLUB, FLAVOURS,

CONNECTIONS)

Connections

In 2007, the 18 frequent flyer programmes generated

7.2 million Euros worth of business into Golden Tulip

Hotels,Inns and Resorts,increasing by 30% in

comparison to 2006. KLM and Air Frances Flying Blue

programme generated almost 2.4 million Euros in

revenue alone, thus making it the most significant

airline partner, accounting for 35% of total revenues.

In its fourth year as one of Golden Tulips partners,

Lufthansas Miles and More programme increased its

revenues generated by 10% to over 2 million Euros.

With this performanc e Lufthansa is now ranked the

second largest airline partner for Golden Tulip. During

only its second year with Golden Tulip, Qantas was

the third highest r evenue generating frequ ent guest

program, reaching 1.3 million Euros and accounting

for 20% of total revenues.

Central Meeting Line

Golden Tulip operates Central Meeting Lines in the

Benelux,Central Europe, France,Mediterranean,

Middle East & Africa and the UK.The total revenue

produced by the Golden Tulip Central Meeting Line

amounted to almost 2.5 million Euros in 2007.This is

a significant increase of 23% compared to 2006.The

majority of revenue was produced in the Benelux

region, followed by the Middle East & Africa region.

The Ambassador Club

The Ambassador Club is Golden Tulips loyalty

programme especially designed for bookers of hotel

and/or meeting rooms.In 2007,the total revenue

increased by 28% from 14 million Euros in 2006 to

19 million Euros in 2007.The largest revenue growth

areas were Central Europe,the UK, Israel,

Mediterranean,Middle East & Africa,and the Benelux

region. The Ambassador Club presently counts over

17,000 active members.

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PERFORMANCE / STATISTICS 2007

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FRANCHISE AND MANAGEMENT VALUE

DRIVER REVENUE

Brand Performance Impact 2007

Ne t R oom R eve nue Va lue Dr iv e R eve nue B PI % B PI %

2007 2007 2007 2006

EU R mil lions EUR mi ll io ns

Americas 33,412,527 2,890,759 8.7% 11.5%

Aspac 1,375,368 116,936 8.5% 25.0%

Mi dd le E as t & A fr ic a 5 3, 28 3, 17 6 6 ,0 91 ,0 06 1 1. 4% 1 0. 4%

Europe 316,316,475 71,321,219 22.5% 21.3%

Benelux 144,528,132 39,965,038 27.7% 25.6%

Central Europe 52,513,702 11,439,323 21.8% 23.7%

France & Monaco 20,067,202 4,663,546 23.2% 21.0%Mediterranean 78,972,976 6,661,749 8.4% 8.4%

Scandinavia 3,275,900 312,602 9.5% 8.3%

UK & Ireland 16,958,563 8,278,961 48.8% 39.8%

Total 404,387,546 80,419,920 19.9% 19.2%

Value Driver Revenue 2007

2007 % of Total 2006 % of Total % Change

EUR millions

Goldres 46,400,000 55% 36,753,682 59.3% 20,8%

Flavours 8,600,000 10% 3,135,041 5.1% 63,5%

Ambassador Club 19,500,000 23% 14,925,695 24.1% 23,5%

Central Meeting Line 2,200,000 3% 2,021,427 3.3% 8,1%

Connections 7,200,000 9% 5,101,034 8.2% 29,2%

BPI (EUR millions) 83,900,000 100% 61,936,879 100% 26,2%

BPI per room (EUR) 2,894 2,712 6,71%

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In 2007 Golden Tulip Hotels,Inns & Resorts portfolio

comprised 239 hotels with over 30,000 rooms. Of the

239 hotels, 70% were branded as Golden Tulip hotels,

30% as Tulip Inns.Compar ed to 2006, Golden Tulip

Hotels, Inns & Resorts recorded an increase in overall

number of hotels (3,5%) and rooms (7%) in 2007.

(2006:231 hotels/27,041 rooms)

Golden Tulip169hotels / 70%

Tulip Inn

70 hotels / 30%

Golden TulipBrand Rationale 2007

PORTFOLIO STATS


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Golden Tulips hotel management business in 2007

comprised operations in 39 hotels; 1 in Austria,

1 in Belgium,1 in China,1 in Denmark,1in

Ghana,12 in Germany,8 in Morocco and 14 in the

Netherlands.

The figures represent an average per country

excluding the hotels that are not directly operated by

Golden Tulip.These hotels are in the UK & Ire land

and the Middle East.

In 2007 the combined portfolio of hotels operated by

Golden Tulip achieved an occupancy rate of 60.7%.

Ghana and Austria accounted for the highest

occupancy rates; 90.6% and 80.3% respectively.

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Targets Marketshare 2007

LeisureIndividual

42%

BusinessIndividual

25%

LeisureGroup2%

BusinessGroup

31%


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THE FUTURE:

UPCOMING BRANDS & CONCEPTS

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GE O R GE & CO

This refreshing F&B concept is a welcome alternative

for hotels that require a strong F&B concept with

minimal investment and maximum return on

investment.

The George & Co concept can easily be implemented

in an existing hotel restaurant set-up and will

strengthen and support the hotel operation in

multiple ways.

Food & Menu concept

George & Co will serve high quality, pre-prepared

food and drinks in a hassle-free environment.

International fusion and healthy choices will feature

alongside sweet and savoury classics to grab and go.

George & Co is based on the principle of providing

all day dining options.

The basic concept behind George & Co is to provide

an F&B outlet that will strengthen the hotel operation.

It is therefore primarily focused on hotel guests and

can be implemented in both Tulip Inns and Golden

Tulip hotels.

Due to some very recognizable visual elements such

as the George & Co logo,the George & Co.food

concept, the menu and easily recognizable uniforms,

implementation of the concept can be easily realized

in existing restaurants and bring with it an already

established brand value.

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THE PORTFOLIO

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Hotel Name Chain City Country Rooms Brand Golden Tulip Region Type Operator Region

Golden Tulip Amersfoort Golden Tulip Hotels, Inns & Resorts Amersfoort Netherlands golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Tulip Inn Amersfoort Golden Tulip Hotels, Inns & Resorts Amersfoort Netherlands 94 Tulip Inn Benelux Lease Golden Tulip Hospitality Management Europe

Tulip Inn & Suites Golden Tulip Hotels, Inns & Resorts Amersfoort Netherlands 140 Tulip Inn Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Amsterdam - Centre Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 239 Golden Tulip Benelux Franchise Hotel Inntel Europe

Golden Tulip Amsterdam Art Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 60 Golden Tulip Benelux Franchise Westcord Hotels Europe

Golden Tulip Apollo Amsterdam Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 219 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Amsterdam Fashion Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 272 Golden Tulip Benelux Franchise Westcord Hotels Europe

Tulip Inn Dam Square Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 38 Tulip Inn Benelux Franchise Independent Europe

Tulip Inn Amsterdam Art Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 130 Tulip Inn Benelux Franchise Westcord Hotels Europe

Tulip Inn Amsterdam City West Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 162 Tulip Inn Benelux Franchise Regardz Hospitality Group Europe

Tulip Inn Amsterdam Riverside Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 192 Tulip Inn Benelux Franchise Autogrill Europe

Tulip Inn Amsterdam City Centre Golden Tulip Hotels, Inns & Resorts Amsterdam Netherlands 106 Tulip Inn Benelux Franchise Westcord Hotels Europe

Golden Tulip de Wipselberg Golden Tulip Hotels, Inns & Resorts Beekbergen Netherlands 90 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Tulip Inn de Veluwe Golden Tulip Hotels, Inns & Resorts Beekbergen Netherlands 78 Tulip Inn Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Val Monte Golden Tulip Hotels, Inns & Resorts Berg en Dal Netherlands 124 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Jan Van Scorel Golden Tulip Hotels, Inns & Resorts Bergen Netherlands 87 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Parkhotel Golden Tulip Hotels, Inns & Resorts Bergen Op Zoom Netherlands 51 Golden Tulip Benelux Franchise Independent Europe

Tulip Inn Bergen op Zoom Golden Tulip Hotels, Inns & Resorts Bergen Op Zoom Netherlands 69 Tulip Inn Benelux Franchise Independent Europe

Tulip Inn Bodegraven Golden Tulip Hotels, Inns & Resorts Bodegraven Netherlands 64 Tulip Inn Benelux Franchise AC Restaurants & Hotels Europe

Golden Tulip Hotel De Reiskoffer Golden Tulip Hotels, Inns & Resorts Bosschenhoofd Netherlands 56 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Keyser Golden Tulip Hotels, Inns & Resorts Breda Netherlands 87 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Mastbosch Hotel Breda Golden Tulip Hotels, Inns & Resorts Breda Netherlands 46 Golden Tulip Benelux Franchise Independent Europe

Tulip Inn Callantsoog Golden Tulip Hotels, Inns & Resorts Callantsoog Nether lands 62 Tulip Inn Benelux Franchise Independent Europe

Tulip Inn Delft Golden Tulip Hotels, Inns & Resorts Delft Netherlands 140 Tulip Inn Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Doorwerth Golden Tulip Hotels, Inns & Resorts Doorwerth Netherlands 120 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Avegoor Golden Tulip Hotels, Inns & Resorts Ellecom Nether lands 73 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Epe Golden Tulip Hotels, Inns & Resorts Epe Netherlands 138 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Tulip Inn Franeker Golden Tulip Hotels, Inns & Resorts Franeker Netherlands 42 Tulip Inn Benelux Franchise Independent Europe

Golden Tulip Garderen Golden Tulip Hotels, Inns & Resorts Garderen Netherlands 64 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Gouda Golden Tulip Hotels, Inns & Resorts Gouda Netherlands 98 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Lion D'Or Golden Tulip Hotels, Inns & Resorts Haarlem Netherlands 34 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Heiloo Golden Tulip Hotels, Inns & Resorts Heiloo/Alkmaar Netherlands 41 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip West Ende Golden Tulip Hotels, Inns & Resorts Helmond Netherlands 100 Golden Tulip Benelux Franchise West-Ende Hospitality Europe

Tulip Inn Hilversum Golden Tulip Hotels, Inns & Resorts Hilversum Netherlands 46 Tulip Inn Benelux Franchise Independent Europe

Golden Tulip Victoria Golden Tulip Hotels, Inns & Resorts Hoenderloo Nether lands 110 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip De Beyaerd Golden Tulip Hotels, Inns & Resorts Hulshorst Netherlands 95 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Jagershorst Golden Tulip Hotels, Inns & Resorts Leende Netherlands 89 Golden Tulip Benelux Franchise Westerhout Groep Europe

Golden Tulip WTC Leeuwarden Golden Tulip Hotels, Inns & Resorts Leeuwarden Netherlands 144 Golden Tulip Benelux Franchise Westcord Hotels Europe

Golden Tulip Leiden Centre Golden Tulip Hotels, Inns & Resorts Leiden Netherlands 60 Golden Tulip Benelux Franchise Independent Europe

Tulip Inn Leiden Centre Golden Tulip Hotels, Inns & Resorts Leiden Netherlands 52 Tulip Inn Benelux Franchise Independent Europe

Tulip Inn Leiderdorp Golden Tulip Hotels, Inns & Resorts Leiderdorp Netherlands 60 Tulip Inn Benelux Franchise Autogrill Europe

Golden Tulip Lisse Golden Tulip Hotels, Inns & Resorts Lisse Netherlands 122 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip De Scheperskamp Golden Tulip Hotels, Inns & Resorts Lochem Netherlands 50 Golden Tulip Benelux Franchise Independent Europe

Golden Tulip Loosdrecht Golden Tulip Hotels, Inns & Resorts Loosdrecht Netherlands 67 Golden Tulip Benelux Lease Golden Tulip Hospitality Management Europe

Golden Tulip Apple Park Maastricht Golden Tulip Hotels, Inns & Resorts Maastr icht Netherlands 166 Golden Tulip Benelux Franchise B-Leisure Group Europe


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World Trad e Cent er, Avenue de Gr atta Paille 2, 1000 L ausanne 30 Gre y, Switze rland

T +41 (0) 21 5101 500 , F +41 (0) 21 5101 599

E [email protected],W www.goldentulip.com

Documents

Golden Tulip Hotel Annual Report 2007