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Press Room

12 JUNE 2009  (EN NL DE FR)

STARWOOD CAPITAL ENTERS EXCLUSIVITY TO ACQUIRE GOLDEN TULIP HOSPITALITY

STARWOOD CAPITAL ENTERS EXCLUSIVITY TO ACQUIRE GOLDEN TULIP HOSPITALITYLondon, Paris, Lausanne, June 12, 2009 - Golden Tulip Hospitality BV, in consultation with the Trustees, and an affiliate of Starwood Capital Group Global (which itself controls, through an affiliate, Louvre Hotels SAS) have agreed terms for an affiliate to acquire the Company’s Franchise business, its Development & Representation businesses, Joint Venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands.

Subject to confirmatory due diligence the transaction is expected to complete by June 26th 2009.

It is the intention of Starwood Capital Group to grow the Golden Tulip brands in existing and emerging markets, leveraging off the Louvre Hotels distribution platform through a strategic alliance between Louvre Hotels and the Golden Tulip businesses.

Rich Gomel, Managing Director at Starwood Capital Group, comments: “The clear appeal of Golden Tulip Hotels is its strong brand and far reaching franchise network. The group is highly complementary to Louvre Hotels (Premiere Classe, Campanile, Kyriad and Kyriad Prestige); both geographically and on a segment level. It will enable us, through a strategic alliance, to offer existing and new customers a full range in accommodation and service levels across over 40 countries, with over 1,000 hotels, comprising some 82,000 rooms.

Following completion, the group will be able to compete more effectively for corporate accounts thanks to a larger share of the Global Distribution System and distribution channels. Furthermore, our franchisees will see significant benefit from the scale of our combined portfolios. As with Louvre Hotels, Starwood Capital is absolutely committed to nurturing and growing the Golden Tulip brands.”

Hans Kennedie, Managing Director of Golden Tulip, adds: "The combination of Golden Tulip with Louvre Hotels will indeed create a new global hospitality force, based on European fundamentals. The combined group will create substantial synergies and benefits both to our customers as well as to our hotels.”

The alliance of Golden Tulip and Louvre Hotels will have offices worldwide in Europe, Middle East, Africa, Asia, South and North America.

About Starwood Capital Group
Starwood Capital Group Global, L.P. is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates “Starwood” or “Starwood Capital Group”). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood’s clients include public and private retirement programs, university endowments, foundations, and international and high-net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood Capital Group has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, Europe’s second largest hotel network; Starwood Hotels & Resorts Worldwide (NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; iStar Financial (NYSE: SFI), the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., which, together with its private sister company, owned, leased or managed 255 golf courses. It also participated in the formation of and helped lead the growth of Equity Residential Properties Trust (NYSE:EQR), one of the premier US multifamily REITs. For more information, please visit: www.starwoodcapital.com

About Louvre Hotels
Louvre Hotels is a key player in the hotel and restaurant industry in Europe. It has more than 800 hotels and a total capacity of almost 53,000 rooms in nine European countries. It brings together four well-known brands and high profile brands: Première Classe, Campanile, Kyriad and Kyriad Prestige, positioning the group as number two in the European budget and mid-scale segment. In France, the group is market leader in the two-star segments with its Campanile and Kyriad brands. For more information, please see: www.louvre-hotels.com

About Golden Tulip Hospitality Group
Golden Tulip Hospitality Group (www.goldentulip.com), with its head office in Lausanne, Switzerland, is a worldwide hospitality company with more than 260 hotels and 26.000 rooms in more than 45 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas.

In addition, Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium.

Enquiries:
For Starwood Capital Group/ Louvre Hotels – Brunswick
Caroline Nico (Paris) - + 33 1 53 96 83 83
Anne Bark (London) - + 44 207 404 5959

For Golden Tulip Hospitality B.V.
Iris van de Beek (Lausanne) – or + 4121 5101500
Premiere Classe Hotels Campanile Hotels Kyriad Hotels Tulip Inn Golden Tulip Royal Tulip Louvre Hotels