GLAHCO denies the sale of Golden Tulip Hotels


Ghana Libyan-Arab Holding Company (GLAHCO) says Golden Tulip Hotels in Accra and Kumasi have not been sold to any private company.

Rather, the hospitality company, a joint venture between the Government of Ghana and Libya, has been leased for 12 years to Achour Holdings – operators of Grand Lancaster chain of hotels.

The Government of Ghana holds a 40 per cent stake in the Golden Tulip brand, with 60 per cent majority stake being held by the Libyan Government.

It was operated under a Management Contract with Louvre Hotels Group (LHG) of France.

However, following the non-renewal of the agreement with the Louvre Hotels Group of France at the end of December 2021, who cited recent changes in regulatory guidelines in their country of residence, the new contract became necessary.

That called for the rebranding of Golden Tulip Hotels to Lancaster Hotels, with the aim of raising the status of Lancaster Hotels in Accra and Kumasi (formerly Golden Tulip) to a five-star hotel.

According to GLAHCO, the clarification was necessary following rumours that a Lebanese company had bought the whole franchise.

A statement issued on Monday, July 04, 2022, said that: “GLAHCO wishes to inform the general public that Golden Tulip Hotels have not been sold, therefore, the said allegation/assertion is false.”

“The terms of the lease agreement included but not limited to the following; a primary lease term of 12 years and not a sale as alleged by the said publication. The conclusion and signing of the lease agreement meant a re-branding of the Golden Tulip Hotels to Lancaster Hotels effective from the lease start date,” it added.

It said the Company, as part of the agreement, would construct a modern conference facility of 1,000 square meters for Golden Tulip Accra, which had a key investment needed for the hotel to improve its revenues and compete favourably.

“In the Interest of Ghana and its citizens, GLAHCO as part of the agreement with Achour Holdings ensured that every employee of Lancaster Hotel is protected and will not lose their jobs and livelihood,” the statement noted.

Explaining the processes leading to the agreement, it said the Board of Directors as part of their mandate to make decisions on the strategic direction of the company, evaluated options for replacement of the Management contract.

It said the new contract would come with more improved terms of engagement that offered a better return on investment in the Hotels and increase value to its shareholders.

The statement said through the review process, the leasing option was selected and that in line with general procurement processes, companies were invited to present proposals for the lease of the Golden Tulip Hotels.
It said four companies from four different countries namely Ghana, Tunisia, Nigeria and Lebanon had expressed interest and sent their proposals to the Board.

After several months of deliberation, 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, it said.

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