John Pritzker, the son of the founder of the Hyatt hotel chain, announced yesterday he has agreed to purchase a majority share in boutique hotel company Joie De Vivre Hospitality Inc.
Geolo Capital, the private equity investment arm of John Pritzker and his family, will take a majority share in the US-based hotel company, while Pritzker will become chairman. Neither side disclosed the financial details of the transaction.
Geolo also said it plans to establish an investment fund "with the objective of acquiring $300 million to $500 million of hospitality assets over the next five years," the statement said. Geolo already has a portfolio of hospitality investments including the Mandara Spa chain and Ticketmaster.
"Geolo sees tremendous opportunity for the Joie de Vivre brand across the three- to five-star spectrum, especially in the three-and-a-half star space where the boutique hotelier is the best in the business," said Pritzker.
Pritzker previously worked for Hyatt Hotels Corp, the business founded by his father and grandfather which is still controlled but the Pritzker family, but left in 1988 to pursue his own investments.
Joie de Vivre Hospitality was founded in 1987 by Chip Conley and is America's second largest independent boutique hotel company.
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