John Pritzker

John Pritzker
Born 1953 (age 63–64)
Chicago, Illinois
Residence Chicago, Illinois
Nationality American
Education B.A. Menlo College
Occupation Investor, philanthropist
Known for co-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] Pritzker graduated with a B.A. from Menlo College.[1] His father 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. He 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 October 2011, he merged the 30 hotel Joie de Vivre chain with the Pomeranc family's 12 hotel Thompson Hotel Group[11] to form Commune Hotels & Resorts[1][12] which he co-chairs with Jason Pomeranc.[1] In 2012, Commune operated 46 hotels and had $450 million in revenues.[13] 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.[14]

Personal life and philanthropy

Pritzker is married to Lisa Stone and they have three children.[1] 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 8 9 10 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. ↑ San Francisco Business Journal: "Commune is all inn" by Renée Frojo November 30, 2012
  14. ↑ "Geolo Capital". www.geolo.com. Retrieved 2016-04-08.
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