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Carlyle Group LP (CG) (CG), the world’s second- largest private-equity firm, acquired a controlling stake of 49 percent in China’s Mandarin Hotel Holdings Ltd. to tap the country’s mid-tier hotel market.

Carlyle Asia Partners III, a buyout fund with $2.6 billion, will be the largest shareholder of the closely held hotel chain, it said in a statement today. The Washington-based firm didn’t give the amount of the investment.