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HONG KONG, July 5 (Reuters) – U.S. buyout fund Carlyle Group
LP said on Thursday that it has acquired 49 percent of
China’s Mandarin Hotel Holdings Ltd for an undisclosed sum,
giving it control of the company.
Eric Zhang, a managing director at Carlyle, will become the
company’s co-chairman.
Mandarin Hotel owns and operates 25 designer hotels in the
mid-market segment under the Crystal Orange Hotel and Orange
Hotel brands, with rooms priced from 300 yuan to 700 yuan ($47
to $110) per night.
The hotels target business and leisure travellers, with
operations in Beijing, Dalian, Hangzhou, Nanjing, Ningbo and
Tianjin.
