Monday 24 July 2017

Tifco planning to double size of its airport hotel

Dublin Airport
Dublin Airport
Tifco is backed by Goldman Sachs
John Mulligan

John Mulligan

Tifco, the hotel group backed by Goldman Sachs, is planning to nearly double the size of one of its Dublin properties in a multi-million-euro expansion.

It wants to add 100 rooms to a Holiday Inn Express hotel near Dublin Airport.

Well over 1,000 new hotel rooms are planned in and around the airport through new hotels and extensions to existing ones, in investments that will cost hundreds of millions of euro in total.

Tifco has sought planning permission to add the rooms to the Holiday Inn Express, which already has 114 rooms. The extension will extend over 3,369 sq m and include a seven-storey element to the rear of the property.

Tifco owns and operates a number of hotels in Ireland. Last year, it also took over the company that operates the Travelodge franchise here.

Tifco is partly owned by Aidan Crowe and Gerry Houlihan, the founder of the DID Electrical business.

Goldman Sachs owns a controlling stake in the business, securing the holding after a renegotiation of Tifco's bank facilities in 2014.

There are 26 hotels in the Tifco portfolio, including seven that are managed by it. It owns three Crowne Plaza properties. Clontarf Castle in Dublin is owned by Mr Houlihan's family and is operated by Tifco.

The DAA has been seeking a development partner for a new 402-bedroom hotel beside Dublin Airport's Terminal 2, while permission was recently granted for a 427-bedroom hotel near the airport.

A number of other hotel developments are planned in and around the airport.

Irish Independent

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