Carlyle takes controlling stake in China hotel operator
The Carlyle Group has acquired a controlling stake of 49% in Mandarin Hotel Holdings, which manages a mid-market hotel chain in China under the Crystal Orange Hotel and Orange Hotel brands. The private equity firm sees the investment as a means of tapping China’s emerging middle class and rising domestic consumption.
The purchase was made via Carlyle Asia Partners III, a $2.55 billion buyout fund that closed in 2010. Eric Zhang, a managing director at the private equity firm, will become co-chairman of Mandarin Hotel...
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