Accor and InterGlobe announce the establishment of an investment fund for a portfolio of India hotel assets in which an affiliate of Pacifica Partners (Pacifica) will take a significant stake of up to 36% equity in the fund, subject to requisite regulatory approvals. Accor and InterGlobe will each hold 32% equity in the fund.
Pacifica Partners is the asset manager for the joint venture hotel investment company established between an affiliate of GIC Real Estate Pte. Ltd., the real estate arm of the Government of Singapore Investment Corporation, and Host Hotels and Resorts, a premier lodging and real estate company listed on the New York Stock Exchange and the largest lodging real estate investment trust in the world.
The fund will initially hold the assets for seven hotels in India which are currently jointly owned by Accor and InterGlobe, representing 1,750 rooms with a value of approximately $US325 million on the completion of the hotels.
The hotel developments are all in key gateway cities of India with prime locations within these markets, including at the recently opened Delhi International Airport, one of Asia�s newest and largest airports. All seven hotels will open between 2011 and 2013.
- Pullman Delhi International Airport, 270 rooms
- Novotel Delhi International Airport, 400 rooms
- Novotel Bangalore Outer Ring Road, 220 rooms
- Novotel Chennai SIPCOT, 180 rooms
- Novotel Chennai Old Mahabalipuram Road, 160 rooms
- Ibis hotel Bangalore Outer Ring Road, 330 rooms
- Ibis hotel Chennai Old Mahabalipuram Road, 190 rooms