Carlyle acquires 49 pct of China mid-tier hotel chain | reuters.com
U.S. buyout fund Carlyle Group LP said on Thursday it has acquired 49 percent and effective control of China's Mandarin Hotel Holdings Ltd for an undisclosed sum, seeking to tap into strong growth for the nation's mid-tier hotel sector. A burgeoning middle-class and growing domestic consumer spending has helped revenues for the mid-tier hotel segment climb around 15 percent annually over the last three to five years, said Eric Zhang, a managing director at Carlyle who will be Mandarin Hotel's co-chairman.
