The Carlyle Group LP announced on Thursday that it bought 49% of Mandarin Hotel Holdings, which owns and operates 25 hotels in China under the Orange and Crystal Orange hotel brands.
The purchase, the amount of which is not being disclosed, makes Carlyle the largest shareholder in Mandarin Hotel Holdings, Beijing. Mandarin Hotel Holdings is the parent company of Orange Hotel Management Co. The company’s midscale hotels are located in Beijing, Dalian, Hangzhou, Nanjing, Ningbo and Tianjin.
Wu Hai, Mandarin Hotel Holdings founder and CEO, told Reuters that the company is opening a new hotel in Beijing.
The Carlyle Group, Washington, D.C., is a private equity firm that specializes in leveraged buyouts. Carlyle Group used its Carlyle Asia Partners III LP fund for the Mandarin Hotel Holdings purchase.