John Pritzker

John A. Pritzker
Born 1953 (age 62–63)
Chicago, Illinois
Residence Chicago, Illinois
Nationality American
Education B.A. Menlo College
Occupation Investor, philanthropist
Known for Founder of Commune Hotels & Resorts
Net worth Increase US$ 2.3 billion (September 2013)[1]
Spouse(s) Lisa Stone Pritzker
Children 3
Parent(s) Jay Pritzker
Marian "Cindy" Friend

John A. Pritzker (born 1953), the grandson of A.N. Pritzker and son of Jay Pritzker is an American billionaire and investor. He is a member of the Pritzker family.

Early life and education

Pritzker was born to a Jewish family in Chicago, Illinois,[2] the son of Marian "Cindy" (née Friend) and Jay Pritzker.[3] Jay diversified the Chicago-based family business, the Marmon Group - along with his brothers Robert Pritzker and Donald Pritzker - building it into a portfolio of over 60 diversified industrial corporations. Jay also created the Hyatt Hotel chain in 1957 and owned Braniff Airlines from 1983–1988.[1] The family has been divesting its assets: in 2006, the family sold Conwood, a smokeless tobacco company, for $3.5 billion to cigarette company Reynolds American Inc;[4] in 2007, the family sold control of the Marmon Group to Warren Buffett's Berkshire Hathaway for $4.5 billion;[1] and in 2010, the family sold its majority stake in Transunion, the Chicago-based credit reporting company, for an undisclosed amount to Chicago-based private-equity firm Madison Dearborn Partners.[4]

Career

In 1972, Pritzker started his career working in the family business, Hyatt Hotels, where in 1984, he rose to become Managing Director and Divisional Vice President.[5] In 1988, he left Hyatt to pursue his own entrepreneurial activities[6] including become a founding member of Ticketmaster.[7] In 1996, he formed Mandara Spa,[8] a chain of 72 resort spas, which he hoped to pair up with Hyatt Hotels, but ended up being located entirely in competitors to Hyatt. In 2000, 40% of the company was sold to Shiseido Co.[9] In 2001, the remaining 60% was sold to Steiner Leisure Limited, a Nasdaq (STNR) listed company.[7][10] In 2005, Pritzker founded the private equity firm Geolo Capital with his Mandara business partner Tom Gottlieb;[6] Geolo Capital focused on investments in hospitality, entertainment, and health & wellness companies.[11] In 2010, he sold his ownership interest in Hyatt to his family.[1] Geolo Capital purchased a majority interest in the Joie de Vivre boutique hotel chain. In 2011, Geolo Capital merged the 30 hotel Joie de Vivre chain with the Thompson Hotel Group[11] and Alila Hotels to form Commune Hotels & Resorts, where he served as chairman.[1][12] In January 2016, Commune Hotels merged with Destination Hotels, where Pritzker serves as co-chairman. With the recent merger the new company has over 97 hotels across six brands and annual revenues of over $2.3 billion.[13]

Personal life and philanthropy

It is reported that Pritzker donated $15 million to the University of California at San Francisco for new pediatric emergency room facilities at the UCSF Benioff Children's Hospital.[1] The Lisa and John Pritzker Family Fund funds programs focused on children's health and education, civic activities, and Jewish affairs.[1] In 2016 the San Francisco Museum of Modern Art completed a $500 million expansion, which includes the Pritzker Center for Photography.

References

  1. 1 2 3 4 5 6 7 Forbes: The World's Billionaires - John Pritzker June 2015
  2. ↑ Monterey County Weekly: "Hyatt heir John Pritzker's vision of turning Carmel Valley Ranch into an always-open, everyone-welcome version of summer camp" By Josh Sens may 16, 2013
  3. ↑ CNN Money: "THE PRITZKERS UNVEILING A PRIVATE FAMILY" By Ford S. Worthy April 25, 1988
  4. 1 2 Chicago Tribune: "Pritzker family could soon own less than half of Hyatt" By Julie Wernau April 19, 2011
  5. ↑ Geolo Capital: John Pritzker - Founding Partner and Director retrieved July 21, 2013
  6. 1 2 W Magazine: "Pritzker's Prize by Jane Larkworthy August 2010
  7. 1 2 Hotel Management Magazine: "One on One with John Pritzker" By Ruthanne Terrero January 21, 2011
  8. ↑ BusinessWeek: "A Hyatt Heir Who Thinks Small Is Beautiful" by Nadja Brandt February 16, 2012
  9. ↑ Honolulu star Bulletin: "Spa firm taps Hawaii for worldwide base" By Russ Lynch May 16, 2000
  10. ↑ Travel Weekly: "Steiner Leisure to buy stake in Mandara Spa" July 2, 2001
  11. 1 2 Chicago Tribune: "The Pritzker family tree" By Melissa Harris and Julie Wernau December 18, 2011
  12. ↑ San Francisco Gate: John Pritzker, Hyatt heir, likes boutique hotels" by Nadja Brandt February 19, 2012
  13. ↑ "Geolo Capital". www.geolo.com. Retrieved 2016-04-08.
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