The Carlyle Group continues to expand its involvement in the hotel industry.

The D.C.-based private equity firm has formed a joint venture with MHI Hospitality, a lodging real estate investment trust, to underwrite, acquire, develop and operate hotels.

Carlyle is committing up to $100 million of equity capital for the partnership. Williamsburg, Va.-based MHI will identify potential transactions of more than $30 million, and the two companies will jointly agree on an investment’s suitability before committing any money.

Carlyle’s flagship U.S. real estate fund, Carlyle Realty Partners V, will invest up to $100 million for a 36-month term. It will fund up to 90 percent of the equity in an acquisition, and MHI (AMEX: MDH) will provide 10 to 25 percent.

D.C.-based Perseus Realty Capital acted as agent and arranger of the venture.

Hotels acquired under the new partnership are expected to be managed by MHI Hotels Services.

In February, Carlyle and Fairfax-based Crescent Hotels & Resorts said they were forming a joint venture and had acquired a 205-room hotel in Beltsville near the University of Maryland’s College Park campus. That hotel is undergoing a $4 million renovation.

Since its inception in 1993, Carlyle Realty Partners has completed more than 200 investments, committing about $3 billion of equity. The company has more than 60 real estate professionals in D.C., New York, Denver, Los Angeles and Newport Beach, Calif.

Information from: washington.bizjournals.com

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