Lone Star spends $1.9b on majority stake in hotel company
Lone Star Funds has agreed to acquire Japanese hotel chain Unizo for $1.9 billion, which started marketing its office and hotel assets as part of a capital recycling program.
The firm and a group of Unizo employees acquired 86.6 percent of all outstanding shares.
Other bidders included Blackstone and Fortress Investment Group, which entered talks with Unizo after a takeover bid by Japanese travel agency HIS Holdings was rejected by shareholders in July last year.
The deal would be the first high-profile transaction in Japan by Dallas-based Lone Star since it was one of the most active funds in the country after the collapse of the asset-inflated bubble economy there in the early 1990s, reported Reuters.