Papendrecht, 1st June, 2010 – Exactly two months after their last acquisition, Apollo Hotels & Resorts announces yet another; with immediate effect the Golden Tulip Papendrecht will become a part of the Dutch hotel group.

Bas Tolmeijer, General Manager of Apollo Hotels & Resorts, is thrilled with the latest addition “Golden Tulip Papendrecht is a fantastic business which has gained a strong position in the corporate as well as the private market, particularly regionally. Above all the location represents a strategic expansion for our portfolio, which allows us to offer our business partners and guests a new destination”.

According to the owner of Next Real Estate it is a logical choice for the Dutch hotel chain: “After purchasing the Golden Tulip Papendrecht and surrounding land in 2009, our plans for the area have now been further developed. A completely new hotel will be built 50 metres from the current location which will offer 86 rooms as well as conference and catering facilities. Apollo Hotels & Resorts has the expertise to lead the construction, handle the opening and operate the existing accommodation at the same time”, explains Project Director Arjen van Houwelingen NRE.

The hotel will be run by Vincent Pahlplatz, originally from the 5-star Crowne Plaza The Hague Promenade, also managed by Apollo Hotels & Resorts. The newly constructed part of the hotel will require a total investment of more than Euro 7 million. Furthermore the new development will include a public swimming pool, sports centre and a car park. As well this, the location of the old swimming pool will be redeveloped and turned into a location for residential property. The hotel is expected to reopen in 2012. It will remain the property of Next Real Estate B.V and will be rented to Apollo Hotels & Resorts on the basis of a long-term lease agreement.