Golden Tulip Hospitality Group welcomes 11th hotel to its management portfolio in Germany and 65th worldwide.
Golden Tulip Hospitality and EuroTrade Hotels B.V. sign lease agreement for Golden Tulip Bad Reinchenhall effective as per August 1st 2007.
The Golden Tulip Bad Reinchenhall is located one hour drive from Munich and 15 minutes driving from Salzburg airport. The hotel offers full service first class with 83 guest rooms, meeting rooms for up to 200 people and a restaurant and bar.
From left to right: Harry Blik, Director of EuroTrade Hotels Europe III. and Hans Kennedie, President & CEO of Golden Tulip Hospitality Group
The Golden Tulip Bad Reinchenhall will offer 83 modern and spacious guestrooms catering both the needs of business and leisure travelers. The hotel will be fully implemented with Golden Tulip’s design room concept, a brand new BRANCHE Restaurant, Bar & Lounge as well as Golden Tulip’s unique meeting concept “Let’s Meet Again”.
Harry Blik, Director of EuroTrade Hotels Europe III B.V. comments: “It is with great excitement that we embark into this project, we are confident that Golden Tulip’s international recognition and successful formulas will bring business and brand awareness to this hotel.”
H.W.R. Kennedie, President & C.E.O. of Golden Tulip Hospitality Group adds: “Golden Tulip is delighted with this new addition to its German hotel portfolio. We are confident that Golden Tulip will provide this new hotel the necessary tools and services to enter the German hospitality industry successfully together with an international recognition.”
Earlier this summer Israeli firm Eurotrade Real Estate International and Golden Tulip Hospitality entered into an agreement in which Eurotrade would acquire hotels in Europe, the USA and Asia and Golden Tulip would operate them. The partnership aims to have a portfolio of approximately 25 hotels within the next three years.
With the addition of the Golden Tulip Bad Reinchenhall the current hotel portfolio in Germany comprises of 17 franchised and managed hotels in 13 cities.
About EuroTrade
EuroTrade Hotels BV is a fully owned subsidiary of Eurotrade real Estate International (YNB) Ltd, ("ETRE") an Israeli corporation which its securities are publicly traded at the Tel Aviv Stock Exchange. ETRE focuses on acquiring and adding value to its income producing assets portfolio in Europe mainly. ETRE is managed by Amit Biel as Chairman and Boaz Kamar as CEO.
ETRE strategy is to invest in long term leased asset which reflect low risk with adequate return and potential upside. Its portfolio of 50,000 Sq meter characterized by low risk to its investment and yielding around 8% net (NOI).
