Publicly quoted investment holding company TVC Holdings has bought the 11 Comfort Inn and Quality Hotels in Ireland for €41.5m from Choice Hotels Ireland.
The chain employs 500 people in Ireland.
Former chief executive of Jurys Doyle Pat McCann is among the members of the TVC Holdings consortium.
This is TVC Holdings’ first investment following its successful €50m placing and listing on the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange in July 2007.
A new company will be set up to operate the business. Pat McCann will be its chief executive. McCann was Jurys Doyle hotel boss from 2000 to 2006.
He said: "I believe there is a significant opportunity to develop a substantial upper three-star hotel business in Ireland and to extend this to the UK.
"We intend to leverage relationships with development partners in the sector to commence the roll-out of our business in the UK within the next two years."