14th Oct 2014 08:23
LONDON (Alliance News) - Action Hotels PLC Tuesday said it has now signed a memorandum of understanding with hotel group Golden Tulip for the operation and management of the new 104-room, 3-star hotel in the Ras Al-Khaimah emirate in United Arab Emirates.
Action Hotels had said October 2 that it was in the final stages of agreeing terms with an unnamed international partner for a long-term management agreement on the hotel.
In its statement Tuesday, Action Hotels said the deal marks its first partnership with Golden Tulip, part of France's Louvre Hotels Group. The Tulip Inn hotel brand is well established in the Middle East with over 60 hotels in the region.
"This new property will enable Action Hotels to fill a gap in the supply of economy and mid-market hotels and will positively contribute to our EBITDA levels starting from 2015," Action Hotels Chairman Sheikh Mubarak A.M. Al-Sabah said in a statement.
Action Hotels shares were down 2.1% at 66.57 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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