According to the report, Achour Holdings, which runs the Grand Lancaster series of hotels, has a 12-year lease on the hotels
The Golden Tulip Hotels are managed by the Ghana Libyan-Arab Holding Company (GLAHCO), which disputes media rumors that the hotels have been sold. The former lessee, the French company Louvre Hotels Group (LHG), reportedly informed the management that it would not renew its lease with GLAHCO at the end of December 2021, prompting the latter to begin the search for a new tenant.
The leasing option was chosen through this review process, and by standard procurement procedures, businesses were invited to submit bids for the lease of the Golden Tulip Hotels. Four businesses from four different nations: Ghana, Tunisia, Nigeria, and Lebanon. Send their applications to the Board for review. After much thought, the Board chose Achour Holdings, owners of the Grand Lancaster brand of hotels, and obtained the signature of a lease agreement on May 18, 2022, subject to the fulfillment of pre-operating criteria, according to the statement.
The Ghanaian government, which holds a 60 percent stake in Golden Tulip Hotels, as well as Libya, which holds a 40 percent stake, allegedly sold the hotels to a new investor last week, according to several media sources. According to GLAHCO, the aforementioned charge or presumption is false because Golden Tulip Hotels have not been sold. It stated that the July 1, 2022, start date of the lease does not imply a sale of the properties. The negotiation and execution of the Leasing Agreement constitutes verification of the rebranding of the Golden Tulip Hotels to Lancaster Hotels, effective as of the Lease Start Date. It was decided to change the names of the hotels to Lancaster Accra and Lancaster Kumasi City.
The Golden Tulip Hotels in Accra and Kumasi, which were originally held by a joint venture between the governments of Ghana and Libya, are said to have been completely franchised by a Lebanese corporation, according to a report making the rounds in the media. The Ghana Libyan-Arab Holding Company became aware of this (GLAHCO).
The Golden Tulip Hotels have not been sold, hence the aforementioned assertion is false, as GLAHCO wishes to inform everyone. Golden Tulip Hotels is first and foremost a joint venture between the governments of Ghana and Libya, with the governments of Ghana owning a 40% minority stake and the remaining 60%.
Under a management agreement with the French Louvre Hotels Group (LHG), the Golden Tulip brand was run. At the end of December 2021, the company signaled that the deal will not be renewed, citing recent modifications to the regulatory framework in their home nation. As part of their responsibility to decide on the company’s strategic direction, the Board of Directors started the process of evaluating options for replacing the Management contract with more improved terms of engagement that offer a better return on investment in the hotels and subsequently increase value to its shareholders.
After this assessment, the leasing option was selected, and in accordance with the established procurement rules, companies were invited to submit their lease proposals for Golden Tulip Hotels. Ghana, Tunisia, Nigeria, and Lebanon were the four countries represented by the four enterprises that exhibited interest and submitted bids to the Board.
After careful deliberation, the Board decided on Achour Holdings, which manages the Grand Lancaster network of hotels, and gained the signing of a leasing agreement with the business on May 18, 2022, subject to the satisfaction of pre-operating requirements. The lease agreement’s conditions included but weren’t limited to: 1. A primary lease period of 12 years AND NOT A SALE as claimed by the aforementioned media.
- The start date of the lease’s operations, is July 1, 2022.
- The firm was also obliged to build Golden Tulip Accra a 1,000 square meter contemporary convention center.
It must be acknowledged that one crucial investment the hotel needed to make to increase its revenues and compete favorably in a market that has seen the entry of very reputable brands over the years was a state-of-the-art convention facility.
Due to the conclusion and signature of the leasing agreement, Golden Tulip Hotels have renamed Lancaster Hotels as of the lease start date. As a result, the hotels were given the new names Lancaster Accra and Lancaster Kumasi City.
The Lancaster Hotels in Accra and Kumasi (previously the Golden Tulip), which are operated by Achour Holdings, aim to achieve the status of 5-star hotels. As part of the deal with Achour Holdings, GLAHCO made sure that every employee of the Lancaster Hotel is protected and won’t lose their jobs and means of subsistence in the interest of Ghana and its inhabitants. GLAHCO consequently requests that the general public ignore claims that the government sold interests in Lancaster Hotels. GLAHCO affirms its steadfast dedication to doing the business of Lancaster Hotels openly and responsibly.
