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More Blue Horizons for China
SHANGHAI – Prax Capital, a China-focused U.S. private equity firm, wants to become a major player in the country’s hospitality industry.
Reuters reports it has invested US$10 million in a Chinese hotel chain, aiming to tap into the country’s booming tourism market.
Prax Capital will also be actively involved in the management of the Blue Horizon chain, based in eastern China’s Shandong province, to help it become one of China’s top 10 hotel operators in the mid- to high-end sector by 2012, Prax said in a statement.
“The retail chain model within consumer services is a key sector for Prax,” Jeff Yao, managing partner of Prax Capital, said in the statement.
Prax Capital’s previous investments include restaurant chain Little Sheep and Kelti (China), a skincare salon chain operator.
Blue Horizon, founded in 1994, manages 12 hotels and two independent restaurants.
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