GOLDEN TULIP WELCOMES TULIP INN BAD NENNDORF

Amersfoort (NL)/Lausanne (CH), September 2007 – Golden Tulip Hospitality is proud to announce the signing of a lease agreement for Tulip Inn Bad Nenndorf effective as per September 1st 2007.

The hotel has been purchased by Eurotrade Real Estate International Ltd and will be operated by Golden Tulip for a period of 15 years.

The Tulip Inn Bad Nenndorf is located in Barsinghausen, a town in the district of Hanover, in Lower Saxony, Germany and offers 64 modern and comfortable rooms, fully equipped with among others wireless internet, air condition and satellite/pay TV. Further services and facilities include a meeting area of over 100 squared metres, daily laundry and dry-cleaning service, car rental, money exchange,

Hans Kennedie, President & CEO of Golden Tulip Hospitality Group, adds: “It is with great excitement that we welcome Tulip Inn Bad Nenndorf to our portfolio of hotels. We are confident that with Golden Tulip’s successful management and franchise formula, the hotel will gain international and national recognition increasing guest visits and subsequently revenues.”

Earlier this summer the Israeli firm Eurotrade Real Estate International and Golden Tulip Hospitality entered into an agreement whereby Eurotrade would acquire hotels in Europe, the USA and Asia and Golden Tulip would operate them. The partnership is aiming to have a portfolio of around 25 hotels within the next three years.

Golden Tulip’s portfolio in the Central European region comprises of 21 hotels (2459 rooms) under franchise and management located in prime locations among others Berlin, Frankfurt, Hamburg, Munich, Prague and Vienna.

About EuroTrade

EuroTrade Hotels BV is a fully owned subsidiary of Eurotrade real Estate International (YNB) Ltd, ("ETRE") an Israeli corporation which its securities are publicly traded at the Tel Aviv Stock Exchange. ETRE focuses on acquiring and adding value to its income producing assets portfolio in Europe mainly. ETRE is managed by Amit Biel as Chairman and Boaz Kamar as CEO.

ETRE strategy is to invest in long term leased asset which reflect low risk with adequate return and potential upside. Its portfolio of 50,000 Sq meter characterized by low risk to its investment and yielding around 8% net (NOI).

About Golden Tulip Hospitality Group

Golden Tulip Hospitality Group (www.goldentulip.com), with its head offices in Amersfoort, The Netherlands and Lausanne, Switzerland, is a worldwide hospitality company with more than 909 hotels, 81.000 rooms in more than 50 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas. In 2006, Hotels Magazine has ranked this company the 18th largest hotel chain.

As a multi-brand hospitality firm, the Golden Tulip Hospitality Group offers services in the two, three, four and five star categories. On the two-star side Golden Tulip has an alliance with the French B&B hotel chain. The three-star concept is the Tulip Inn for the limited-service first-class category, the four-star category falls under the Golden Tulip brand for the Superior First-Class business and Resort hotels and the recently introduced five-star concept Royal Tulip. In addition Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium.

In the fall of 2006, Golden Tulip introduced BRANCHE, Restaurant, Bar and Lounge. This is a free standing restaurant chain, which will have establishments in most Golden Tulip Hotels and Tulip Inns operated by Golden Tulip. (For more information please visit www.brancherestaurants.com)