Red Carnation Hotels to remain family-owned after TTC sale

Red Carnation Hotels is to remain under stewardship of the Tollman family following the sale of the wider Travel Corporation (TTC) business.

 

US private equity firm Apollo has agreed to acquire TTC for an undisclosed sum, ending more than 100 years of family ownership.

 

It comes after Apollo snapped up Wagamama owner the Restaurant Group in a £506m deal last year.

 

The TTC sale includes 18 brands such as tour operator Trafalgar; Uniworld Boutique River Cruises; youth tour company Contiki; and Insight Vacations, a premium guided holiday company.

 

Red Carnation, which was founded by Bea Tollman in 1984, is excluded from the deal. The company now runs 17 hotels, including six in London and 100 Princes Street in Edinburgh.

 

Brett Tollman, chairman of TTC, said: “For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation.

 

“Without a next generation to lead TTC, the time has come in our strategic succession plan to select a new owner with a proven track record and who shares in our vision and customer-first values.”

 

Michele Raba, a private equity partner at Apollo, said: “TTC has a leading collection of brands that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors.

 

“We’d like to thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century and look forward to an exciting next chapter in which TTC can serve as a platform for growth.”

 

The sale is expected to close in the fourth quarter of 2024, subject to closing conditions and regulatory approvals.

 

Red Carnation won the Sustainable Business Award and the Best Employer Award at the 2023 Cateys.