U.S. Apollo Global to acquire Irish hospitality company Tifco for $233 mln

U.S.-based asset management firm Apollo Global plans to acquire Irish hotel management company Tifco.

Apollo Global has secured 204 million euros ($233 million) to refinance the acquisition of Tifco including the repayment of total funding debt from a consortium of financial institutions arranged by German lender Deutsche Bank.

Part of the capital raised will be used to pay back a $203 million to Apollo’s Luxembourg fund, which had been used to buy the shares of Tifco’s holding company, plus a further $29 million to close out short-term debt.

In September, Apollo inked a deal to acquire Tifco, whose properties include Clontarf Castle hotel and several Crowne Plaza properties, from U.S.-based investment firm Goldman Sachs.