Released on = August 30, 2007, 3:21 am

Press Release Author = Golden Tulip Hotels, Inns and Resorts

Industry = Industrial

Press Release Summary = Amersfoort (NL)/Lausanne (CH), 29 August 2007- Golden Tulip
Hospitality Management Ltd. and the Ghana Libyan Arab Holding Company Ltd. signed on
Wednesday the 11th July 2007 the agreements pertaining the management of the Golden
Tulip Kumasi City.


Press Release Body = The Golden Tulip Kumasi City will consist of 160 rooms, suites
and apartments, a large conference & function room with capacity up to 500 persons,
several meeting areas, a bar lounge, a restaurant and extensive leisure facilities.
The hotel is set in spacious grounds with surrounding tropical gardens ideal for
both business and leisure guests, and will be fully operated by Golden Tulip
Hospitality Management Ltd.

Mr. A.M. Karmus, Managing Director of Glahco comments: "We are delighted to sign a
second management agreement with Golden Tulip Hospitality Management. In today's
climate, there is a strong need for rationalizing hotel operations and with the
international recognition of Golden Tulip, I feel the Golden Tulip Kumasi City will
be in a good hands to continue delivering positive returns and subsequently increase
its property value:"

Mr. H.W.R. Kennedie, President & C.E.O. of Golden Tulip Hospitality Group adds:
"Golden Tulip is delighted with this new addition to its African hotel portfolio. We
are confident that Golden Tulip will provide this new hotel the necessary tools and
services to extend the Ghanaian hospitality industry successfully with an
international recognition."

Mr. H. Friese, Vice President West Africa of Golden Tulip Hospitality Group adds:
"After fifteen years of successful operations in Accra we are delighted with the
extension of our operation in the important city of Kumasi with the Golden Tulip
Kumasi City. The business climate in Ghana has proven to be fruitful and stabile and
we look forward to receiving our first guests and to introduce our products and
services in Kumasi."

With the addition of the Golden Tulip Kumasi City, Golden Tulip's portfolio in the
African Continent comprises of 11 hotels in Ghana, Tanzania, Egypt, Morocco and
Tunisia.

About GLAHCO
GLAHCO, The Ghana Libyan Arab Holding Company Ltd. is a joint venture between the
Governments of Ghana and Libya. The joint investment has other investments in agro
business and real estate in Ghana. Glahco owns the Golden Tulip Kumasi City.

GLAHCO' s subsidiary Glahco Hotels & Tourism Development Company Limited owns Golden
Tulip Accra and has since 1992 collaborated with Golden Tulip to operate the highly
successful Golden Tulip Accra.

About the Golden Tulip Hospitality Group
Golden Tulip Hospitality Group (www.goldentulip.com), with its head offices in
Amersfoort, The Netherlands and Lausanne, Switzerland, is a worldwide hospitality
company with more than 908 hotels, 81.000 rooms in more than 50 countries. The
Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle
East & Africa, the Asian Pacific Region and the Americas. In 2006, Hotels Magazine
has ranked this company the 18th largest hotel chain.

As a multi-brand hospitality firm, the Golden Tulip Hospitality Group offers
services in the two, three, four and five star categories. On the two-star side
Golden Tulip has an alliance with the French B&B hotel chain. The three-star concept
is the Tulip Inn for the limited-service first-class category, the four-star
category falls under the Golden Tulip brand for the Superior First-Class business
and Resort hotels and the recently introduced five-star concept Royal Tulip. In
addition Golden Tulip offers its services through its commercial alliance with TOP
International, a German based hotel consortium.

In the fall of 2006, Golden Tulip introduced BRANCHE, Restaurant, Bar and Lounge.
This is a free standing restaurant chain, which will have establishments in most
Golden Tulip Hotels and Tulip Inns operated by Golden Tulip. (For more information
please visit www.brancherestaurants.com)


Web Site = http://http://www.goldentulip.com/pressroom/news.aspx?id

Contact Details = Golden Tulip Hospitality Group
Ms. Rocio Manzanares -
Corporate Communication Manager
Tel: +31 33 2544 828
Fax: +31 33 2544 816
E-Mail: rocio.manzanares@goldentuliptop.com
Web: www.goldentulip.com