[photopress:new_century_grand.jpg,full,alignright]Carlyle Group plans to invest RMB100 million ($13.2 million) in a private hotel company, Kaiyuan Century International Hotel Management. According to a report a senior executive said Kaiyuan has been in discussions with several international investors including Carlyle. Carlyle Group is a private equity investment company and it is noteworthy that one of the managing directors is named Ned Kelly (more formally known as Edward J. Kelly III).
In Asia Carlyle has offices in offices in Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney and Tokyo.
Kaiyuan manages five-star hotel brand New Century Grand and four-star brand New Century hotel. The company has 20 hotels in operation. All are located in key commercial and tourist cities such as Beijing, Shanghai, Hangzhou (shown in our illustration), Ningbo, Taizhou, Shaoxing, Lishui, Qiandao Lake, Xuzhou and Kaifeng, with nearly 6,000 guest rooms.
Carlyle is clearly in a serious investing phase. It recently paid RMB492 million ($65 million) to acquire a 26% stake in a Chongqing Polycomp International Corporation, and RMB605 million ($80 million) for a 49% stake in Yangzhou Chengde Steel Tube.
Source: Pacific Epoch