TVC Holdings today announced the purchase of two Choice Hotels brands in a deal worth €41.5 million.
The deal involves the acquisition of 11 Comfort Inns and Quality Hotels employing 500 people. Choice Hotels will retain the Clarion hotel brand.
The funding for the acquisition will be provided by former Jurys Doyle chief executive Pat McCann and Davy Private Clients.
TVC said today that the deal represents a total investment of €46.5 million. It is the company's first investment since its €50 million placement on the AIM market, London and the IEX market of the Irish Stock Exchange in July.
TVC Holdings has invested €10 million giving it 29 per cent holding in the venture. A new company will be established to run the company, and Mr McCann will be the full-time chief executive.
Mr McCann said: "I believe there is a significant opportunity to develop a substantial upper three star hotel business in Ireland and to extend this to the UK".