Starwood Capital Group agreed to purchase Golden Tulip Hospitality

, including the Golden Tulip, Tulip Inn and related brands encompassing 260 hotels in 45 countries. According to the companies, Starwood would leverage its existing ownership of Louvre Hotels to grow the Golden Tulip presence "in existing and emerging markets." According to a statement by Starwood Capital Group managing director Rich Gomel, "The group will be able to compete more effectively for corporate accounts thanks to a larger share of the global distribution system and distribution channels." The companies expect the transaction to close by June 26.