PARIS U.S. investment company Starwood Capital Group Global LP said it was buying around 240 of the 260 hotels run by loss-making hotel operator Golden Tulip for an undisclosed amount.
Golden Tulip Hospitality Group, which went into voluntary receivership earlier this year, had at one time been discussing a possible merger with Apollo Hotels & Resorts.
Hotels are struggling as recession-hit customers cut back on trips and companies slash travel costs.
Starwood Capital itself is currently examining the possible sale of its prestigious Paris-based Hotel de Crillon to JJW Hotels & Resorts, a Saudi Arabian-backed company.
Golden Tulip competes with Intercontinental Hotels (IHG.L), Accor (ACCP.PA) and Marriott International MAR.N, among others.
(Reporting by Sudip Kar-Gupta; Editing by David Cowell)
Our top photos from the last 24 hours.