US private equity firm Apollo Global Management has agreed to acquire Ireland’s second-largest hotel chain Tifco in a deal said to be worth up to €600 million.
Goldman Sachs-backed Tifco owns 18 hotels and sites for two new hotels in Dublin. Several of the properties operate under the Crowne Plaza and Travelodge brand
Tifco also manages a number of other high-profile hotels around the State, including Clontarf Castle in Dublin, the Heritage Resort at Killenard, Co Laois, and the Metropole
The value of the portfolio has not yet been disclosed but is understood to be €500 million-€600 million.
The Competition and Consumer Protection Commission has been notified of the transaction.