Dublin-listed investment group TVC Holdings has led a group which has bought two hotel chains from Choice Hotels Ireland for €41.5m.
The consortium includes former Jurys Doyle chief executive Pat McCann and Davy Private Clients. The deal covers 11 Comfort Inn and Quality Hotels in Ireland, which employ 500 people.
TVC says the deal represents a total investment of €46.5m, including €3m of development capital. It will be funded by a combination of equity and debt from Ulster Bank. TVC's €10m investment gives it a 29% stake.
Mr McCann will be chief executive of a new company being set up to run the business. He said there was a 'significant opportunity to develop a substantial upper three star hotel business in Ireland and to extend this to the UK within the next two years'.
