Golden Tulip Hospitality is
expanding into the Kingdom of Morocco through the signing of a hotel
management agreement for the five existing Farah Hotels.The Superior First Class and Luxury hotels are all located in strategic
Moroccan destinations and have all been under operation by parent CMKD
for the last 5 years.

The hotels, which all will become Golden Tulip branded hotels effective
March 1, are:

- Casablanca - Golden Tulip Farah Casablanca - Marrakech - Golden Tulip
Farah Marrakech - Rabat - Golden Tulip Farah Rabat - Safi - Golden Tulip
Farah Safi - Khouribga - Golden Tulip Farah Khouribga

The management agreement will go into effect on the 1st of March and
will be operated through Golden Tulip in Morocco Managed by Mr. Rochdi
El Bouab, one of Morocco’s well seasoned professionals.

The hotels are owned by CMKD, which stands for the Consortium
Morocco-Kuwaiti for Development (CMKD), a joint venture between Morocco
and Kuwait.

From the time of its creation in 1977, CMKD has had as its principal
objective, to contribute towards the strengthening of the economy of the
Kingdom of Morocco through investment projects that will help, not only
in the creation of employment opportunities but also in promoting
Morocco’s strategic sectors namely, Tourism, Real Estate and Finance.

Mr. Waleed F. El Fehaid Managing Director of CMKD, commented on the
arrangement: “CMKD wanted to align ourselves with a professional and
international hotel management company, who truly understood the meaning
of “International standards and local flavours”. In Golden Tulip with
the Managing Director for Morocco, Mr. Rochdi El Bouab, we are certain
to have found the right combination. CMKD is very committed to Morocco
and its exciting plans for developing a new tourist platform. CMKD is
intensely involved in these plans and we wanted to partner with a
professional hotel company, which would be able to take on properties as
we go forward and develop.”

Mr. Hans Kennedie, President & CEO of Golden Tulip Hospitality
commented: “We are very pleased to have the opportunity to grow our
brands in this vastly developing region. Golden Tulip and Tulip Inn
hotels will appeal to the travellers looking for a high quality product
and service at an affordable price. The strong presence of Golden Tulip
in continental Europe and the Middle East will ensure increasing
recognition for the new portfolio in Morocco. We are even pleased with
our co-operation with CMKD and our local staff headed by Mr. Rochdi El
Bouab. This truly brought a local development company, a local seasoned
and experienced hotel expert and an international hotel company
together. We believe theses are the right ingredients for success in the
region.”

Mr. Rochdi EL BOUAB, Sr. Vice President & Managing Director Morocco
adds: “It gives me great pleasure to announce the signing of these five
management agreements. Morocco is an ideal location for both leisure and
business travellers and with the diversity and uniqueness of each and
every hotel I am confident that the business will develop. This is the
ideal moment to generate brand awareness in Morocco and with the Golden
Tulip Farah Hotels it is even more ideal: We are entering the right
market at the right time and with the right tools. I am deeply confident
in our commercial network strength, the brand Golden Tulip and the Know
how. The combination of all these elements will make the Moroccan market
react positively to the launch of the brand and will quicken future
developments. Furthermore, Golden Tulip local team expertise on the
market will make the introduction of Golden Tulip easy in Morocco and
North-West Africa.”
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