Apollo and The Travel Corporation (TTC) have entered into definitive agreement on July 16 for Apollo-managed funds to acquire the long-established travel and tourism firm, thus ending 104 years of private ownership of the founding Tollman family.
The transaction is comprised of 18 brands, including Trafalgar, Uniworld Boutique River Cruises, Contiki, Insight Vacations as well as other global travel brands and supporting business entities. Certain brands are not included in the sale; notably The Red Carnation Hotel Collection will remain under the continued stewardship of the Tollman family.
TTC chairman Brett Tollman 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. We will support a seamless transition and are confident the team at Apollo will continue driving the business forward to meet growing global demand for touring, river cruising and specialist and adventure travel.”
Apollo private equity partner Michele Raba 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.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close 4Q2024. Financial terms of the transaction are not disclosed.
The history of Siam Bayshore Resort Pattaya intertwines threads of theatricality, musicality, and the rich heritage of both Pattaya and the Sukosol family.
Established in 1974, it was one of just six hotels in Pattaya at the time.
The journey into hospitality for the Sukosol family began with Kamol Sukosol, who recognised Pattaya’s potential over Phuket due to its proximity to Bangkok and vibrant atmosphere during the Vietnam War era. His vision led to the establishment of Siam Bayshore Resort Pattaya, followed soon after by sister property Siam Bayview Hotel.
“My grandfather was a very astute businessman who was able to see the future,” shared Marisa Sukosol Nunbhakdi, executive vice president of Sukosol Hotels and Sukosol Group regarding the choice of location.
Today, Siam Bayshore continues to thrive, being just 90 minutes’ drive from Suvarnabhumi International Airport.
Kamala Sukosol, Marisa’s mother, played a pivotal role in marketing the resort. Drawing on her love for Broadway and musicals from her time studying in the US during the 1950s, Hollywood’s Golden Age, Kamala implemented innovative marketing strategies that included live performances and international roadshows.
“While my father had a hand in setting up the hotel, it was my mother who was a marketing guru who really put the property on the map,” Marisa noted.
“Back then, my mom was my age, maybe younger, and I often think of the hardship that she went through to build the hotel. What would we have (as a group) without these hotels? Though it was hard to sell Pattaya – because nobody knew of the place at the time – credit goes to my mom for all those trips she made all over the world selling Pattaya.”
The resort became renowned for its Broadway-style musical nights and cultural events, including the memorable Broadway Comes to Pattaya gala co-hosted with TTG Asia during the ASEAN Tourism Forum in 1990.
Marisa, who is also a well-known singer in Thailand, grew up immersed in this world, dancing in musical nights featuring songs from shows like Oliver Twist and The Flower Drum Song to participating in family roadshows. One time, Kamala – a talented singer and dancer herself – even took her children traipsing across Australia, performing, Von-Trapp family style, to promote the hotels and Pattaya as a destination.
Even the famed Bali Hai Pier in Pattaya has its roots in Broadway, being named after the hotel’s restaurant located across from the pier back then – whose name Kamala Sukosol chose 50 years ago, inspired by the musical South Pacific.
The hotel was a holiday home for the Sukosol family, who travelled to Siam Bayshore from Bangkok every week.
Marisa also stated that Pattaya’s vibrant drag show culture had already taken roots as early as in the 1970s. She said: “Today, Tiffany and Miss Tiffany Universe are world famous – but back then, it was a cabaret right around the corner from the Bayshore. My mom would take me and my brothers and sisters to watch the cabaret. At the time, drag shows didn’t exist anywhere else, and it was incredible to see the talent back then. Those were the early days of drag shows in Pattaya, long before they started trending globally,” she reminisced.
Over the years, Siam Bayshore has hosted numerous celebrities and remains a favourite among loyal guests and staff members, many of whom have been with the resort for decades.
Marisa shared: “When the hotel first opened, my father was very keen on having tennis courts, following the advice of an agent from Australia. So, he built several courts, and we’ve been organising tournaments ever since. Thailand’s tennis stars Paradorn Srichaphan and Tamarine Tanasugarn have played here, as well as other international players who became top-ranked later in their careers.”
The Siam Bayshore continues to host numerous celebrities who appreciate its low-profile yet high-quality service.
The hotel enjoys a loyal following – among both guests and staff. Some 30 staff members have been there for over three decades; a chef at Bali Hai has been with the hotel for over 40 years. Among repeat guests is a German who has been visiting for the past 30 years and, in a recent stint, stayed for a remarkable 137 days.
Despite numerous challenges, such as economic downturns and the 1992 coup, the hotel has maintained its allure and profitability over five decades.
Marisa emphasised: “When I give my sustainability speeches, I always bring up Bayshore as a sustainable hotel, having been around 50 years and still operating under the same brand and ownership. This, I think, is very unusual nowadays.
“If you ask any hotel owner, it’s very hard to keep up a hotel, particularly in Asia where many hotels are bought and sold constantly. So, if you ask me and my mom what our legacy is, it would be the longevity.”