Carlyle Buys Four Hotels
The Carlyle Group continues its role as the Energizer Bunny of global private equity with yet another acquisition - an 892-room portfolio of hotel properties in northern California.
The four-hotel acquisition includes the 309-room Crowne Plaza Hotel at the San Francisco International Airport; the 230-room Holiday Inn in northeast Sacramento; and the 198-room Holiday Inn Concord and 155-room Holiday Inn Walnut Creek hotels, both located in the East Bay Area. Financial terms were not disclosed.
"The San Francisco Bay area is one of the last markets to recover from the latest economic downturn and we're now seeing considerable growth there," said Paul Brady, managing director of Carlyle's U.S. real estate group, said in a statement.
Dallas-based Prism Hotels & Resorts has been tapped to manage the properties for The Carlyle Group. The hotel management company currently manages more than 5,000 rooms across the United States and the Caribbean.
All four properties will continue to operate as franchises under the Intercontinental Hotels Group umbrella, although the Walnut Creek property will be converted to a Holiday Inn Express once the renovation is complete.
The Carlyle Group is a global private equity firm with $71.4 billion under management.
Carlyle has also hired a former senior partner at Deloitte & Touche partner, Peter Nachtwey, to be its chief financial office. Nachtwey replaced John Harris, who retired several weeks ago and held the job for a decade.
The Financial Times broke the story over the weekend, speculating that Nachtwey's hiring is a prelude to Carlyle going public because the new CFO helped audit private equity giant Blackstone before its IPO.
Carlyle spokesman Chris Ullman confirmed Nachtwey's hiring, but declined further comment.
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