Carlyle sees value in mid-market hotels
Marriott to Hilton to Shangri-La, international hotel brands are buys expanding their footprints in China. Among the country’s 600 five-star hotels, more than 500 are still under construction, and average occupancy rates are barely 60%, the lowest in Asia. With the luxury space apparently oversaturated, The Carlyle Group sees more value in the mid-market, which is highly fragmented and dominated by non-chain individual hotels.
This is the logic behind the private equity firm's investment in Mandarin Hotel Holdings. Talks began at the end of last year and at the end of last week Carlyle acquired a controlling stake of 49%. ...
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