Geolo Capital, the private-equity firm run by John Pritzker, will buy Thompson Hotels’ 50% stake in Commune Hotels and Resorts.
Commune was formed in 2011 as a 50-50 joint venture between Joie de Vivre Hospitality and Thompson Hotels. Pritzker was already Joie de Vivre's principal.
The buyout will put management of more than 40 hotels under Pritzker’s control. About a half-dozen Thompson-owned hotels will remain under control of that company’s founding Pomeranc family.
Pritzker will also oversee Commune’s launch of the new Tommie Hotels brand that was announced earlier this year and is slated to debut in 2015.
“Consolidating ownership under one, hospitality-focused, well-financed and highly committed owner allows Commune to move forward on its mission to build a multi-brand platform that will strive to enhance the hotel experience for our guests," Pritzker said in a statement Monday.
Commune has tapped former Hyatt chief information officer Mike Blake and ex-Ritz-Carlton and Hyatt executive Phil Keb to help run the company.
John Pritzker, whose wealth is estimated by Forbes at $1.8 billion, is the son of the late Hyatt founder Jay Pritzker. He sold his Hyatt shares in 2010.
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