The TIFCO hotel group paid €45.7m for the purchase of the 12-hotel Travelodge business in Ireland, the 'Irish Independent' reports to-day.
That is according to accounts for TIFCO's holding company Halstonville Ltd, which also confirm that the group also paid €13.3m for the Parliament hotel and the adjacent Fashion House building in Temple Bar in Dublin in July 2016.
The group has since secured planning permission for a 77-bedroom extension to the hotel. The €45.7m paid for the Travelodge business on December 1 2016 doubled the money Richard O'Sullivan and Seamus McGowan paid for Travelodge's Irish business in 2004 in a €22.5m deal.
TIFCO has 25 hotel properties with over 2,520 hotel rooms in total. The group's pre-tax profits increased marginally to €2.8m in 2016 as revenues increased by 38pc, going from €32.8m to €45.26m.