financeSkift··1 min·For: Owner, Investor, GM
Apollo Buys The Travel Corp as Tollman Family Keeps Hotels
The Tollman family sold The Travel Corporation to Apollo after 104 years of family ownership, offloading its tour business while retaining its loss-making Red Carnation luxury hotel chain.
Key Takeaways
- 1TTC chairman Brett Tollman cited a lack of family succession for the July 2024 sale to private equity firm Apollo.
- 2Filings show the profitable tour business was underfunded while subsidizing the unprofitable Red Carnation Hotels.
- 3The Tollman family finalized the deal to divest the tour operations while maintaining ownership of the luxury hotels.
Source: Skift
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