Carlyle to Exit Crystal Orange Hotel to China Lodging for US$530 Million (Asia)
Source(s): China Lodging Group, Asian Venture Capital Journal | Author(s): Winnie Liu
Global alternative asset management firm The Carlyle Group has agreed to exit China-based boutique hotel operator Crystal Orange Hotel Holdings as part of Nasdaq-listed hotel chain China Lodging Group’s acquisition of the company for CNY3.65 billion (approximately US$530 million), subject to customary post-closing adjustments. Carlyle acquired a 49 percent stake in Crystal Orange’s parent company Mandarin Hotel Holdings in June 2012 through Carlyle Asia Partners III. The transaction is subject to the approval of China’s competition regulator and Ministry of Commerce