GIC Real Estate, the real estate arm of Singapore’s sovereign wealth fund GIC, is to increase its exposure to Indian hotel investments.
According to a report by the Financial Times, GIC RE is to share a 36 per cent position in a $325 million India-focused hotel investment fund with New York-listed Host Hotels and Resorts via their joint venture investment platform Pacifica Partners.
The other partners in the fund are to be Accor, the hotel operator and InterGlobe, an Indian travel company, both of which are to hold 32 percent positions.
The FT said the fund would initially hold seven hotels situated across the India’s largest cities as well as at Delhi International Airport, the recently opened airport. These would be operated by Accor brands Novotel, Ibis or Pullman and are expected to be open for business during the next three years.
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