Pittman Holdings Partnership

In an unexpected move Tuesday, the new owner of Century 21 Real Estate Corp. said it has taken on a co-investor who will become chief executive of the Irvine-based international residential real estate business. Hospitality Franchise Systems Inc., a New Jersey hotel franchiser, completed its acquisition of Century 21 for $200 million in cash and stock Tuesday and immediately announced that it had sold a stake in the real estate company to entertainment executive Robert W. Pittman.

In an unexpected move Tuesday, the new owner of Century 21 Real Estate Corp. said it has taken on a co-investor who will become chief executive of the Irvine-based international residential real estate business. Hospitality Franchise Systems Inc., a New Jersey hotel franchiser, completed its acquisition of Century 21 for $200 million in cash and stock Tuesday and immediately announced that it had sold a stake in the real estate company to entertainment executive Robert W. Pittman.

In an unexpected move Tuesday, the new owner of Century 21 Real Estate Corp. said it has taken on a co-investor who will become chief executive of the Irvine-based international residential real estate business. Hospitality Franchise Systems Inc., a New Jersey hotel franchiser, completed its acquisition of Century 21 for $200 million in cash and stock Tuesday and immediately announced that it had sold a stake in the real estate company to entertainment executive Robert W. Pittman.

In an unexpected move Tuesday, the new owner of Century 21 Real Estate Corp. said it has taken on a co-investor who will become chief executive of the Irvine-based international residential real estate business. Hospitality Franchise Systems Inc., a New Jersey hotel franchiser, completed its acquisition of Century 21 for $200 million in cash and stock Tuesday and immediately announced that it had sold a stake in the real estate company to entertainment executive Robert W. Pittman.