DALLAS and MADRID— Pegasus Solutions has agreed to sell its Golden Tulip brand and licensing business to the Golden Tulip Hotel subsidiary of Madrid-based NH Hoteles for $2 million. The contract also calls for Pegasus to be the exclusive provider of reservations technology, voice and electronic reservation processing, commission processing, and other ancillary services to all Golden Tulip Hotels. In addition, NH Hoteles will sign an agreement with Pegasus Solutions subsidiary, Utell, whereby the Golden Tulip Worldwide hotels will remain part of the Utell portfolio. Pegasus Solutions Golden Tulip Worldwide brand includes more than 300 properties. NH Hoteles currently owns or operates 168 hotels, of which 65 properties operate under the Golden Tulip and Tulip Inn names. The sale is expected to close on June 29, 2001.
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