FLASHBACK: 60% of Golden Tulip shares sold by government to Lebanese firm - Report

It was reported last year the government sold 60% of shares in Golden Tulip to a Lebanese firm.

The government of Ghana and the government of Libya (GLAHCO) entered into a joint venture agreement that saw the sale of the hotel franchise to the Lebanese firm.

Golden Tulip Hotels are now known as Lancaster Hotel.

Read the full story originally published on July 2, 2022, by GhanaWeb

Government officials allegedly broker deal for Golden Tulip takeover

Golden Tulip now known as Lancaster Hotels

Workers positions to be determined next week

The Government of Ghana has sold 60 percent of shares in Golden Tulip Hotels to a Lebanese firm, a Joy Business report has said.

According to the portal, the hotel's Accra and Kumasi sections will now be known as Lancaster Accra City Hotel and Lancaster Kumasi City Hotel following the sale to Lebanese investors.

Joy Business said documents in its possession revealed Government of Ghana and the Government of Libya (GLAHCO) entered into a joint venture agreement which saw the sale of the hotel franchise to the Lebanese firm.

Prior to the sale, the Government and Ghana and the Government of Libya owned 60 percent and 40 percent respectively of the hotels.

General Manager of the hotel in a letter copied to heads of departments read, “Achour Holding Limited operating as Lancaster Hotels will be the new lessee and would take effect from 1st July, 2022, with same conditions as previously communicated.

“We urge you to support the new company to ensure a successful takeoff,” the statement added.

In a separate letter involving the takeover, Lucy Ahedor, Rooms Division Manager of Golden Tulip said, “We wish to inform you that from 1st of July, 2022, the name of the hotel will now change to Lancaster Hotel. We would also like to inform you to rest assured as this change will not affect normal operations of the hotel.

“We are happy to also announce that the hotel under this new name will be going through refurbishment by enhancing most of the facilities,” Lucy Ahedor is quoted to have added.

Meanwhile, some staff of the hotel who interacted with journalists on condition of anonymity affirmed the sale and subsequent name change of the hotel.

They indicated that their respective job positions amid the takeover will be made known to them in the coming week.

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