CELEX: 32018M9186
Language: en
Date: 2018-12-04 00:00:00
Title: Commission Decision of 04/12/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.9186 - Carlyle Europe Realty Fund, S.C.Sp. / Marriott International, Inc. / Felting/Penha Longa Resort) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 4.12.2018
                                                                C(2018) 8423 final
                                                                   PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9186 – The Carlyle Group/Marriott International/Penha Longa
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                          2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 8 November 2018, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation, by which Carlyle Europe
        Realty Fund, S.C.Sp. (Luxembourg), belonging to the Carlyle Group, L.P. ("Carlyle",
        United States of America), and Luxury Hotels International Management Company B.V.
        (the Netherlands), belonging to Marriott International, Inc. ("Marriott", United States of
        America), acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation
        joint control of Penha Longa Resort by way of purchase of shares in the company owning
        the Penha Longa property ("Penha Longa", Portugal) and a pre-existing hotel management
        agreement.3
2.      The business activities of the undertakings concerned are:
             for Carlyle: global alternative asset manager, which manages funds that invest globally
              across four investment disciplines: Corporate Private Equity, Real Assets, Global
              Credit, and Solutions,
             for Marriott: parent company of a diversified hospitality group of companies, which
              acts as a manager and franchisor of hotels and timeshare properties,
1       OJ L 24, 29.1.2004, p. 1 (the "Merger Regulation"). With effect from 1 December 2009, the Treaty on the
        Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of
        "Community" by "Union" and "common market" by "internal market". The terminology of the TFEU will be
        used throughout this decision.
2       OJ L 1, 3.1.1994, p. 3 (the "EEA Agreement").
3       Publication in the Official Journal of the European Union No C 418, 19.11.2018, p. 6.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---        for Penha Longa: includes Penha Longa Resort, a hotel with spa and two golf courses,
        as well as other assets over which Carlyle acquires sole control: certain sports facilities
        located in Penha Longa and operated by an independent manager, and the
        management of the Penha Longa condominium association, located in Sintra and
        Cascais, Portugal.
3. After examination of the notification, the European Commission has concluded that the
   notified operation falls within the scope of the Merger Regulation and of paragraph 5(b) of
   the Commission Notice on a simplified procedure for treatment of certain concentrations
   under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, the European Commission
   has decided not to oppose the notified operation and to declare it compatible with the
   internal market and with the EEA Agreement. This decision is adopted in application of
   Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
                                                    For the Commission
                                                    (Signed)
                                                    Johannes LAITENBERGER
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
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