Accor and InterGlobe have set up an investment fund for a portfolio of Indian hotel assets.
Pacifica Partners, a real estate affiliate of the Government of Singapore Investment Corporation and Host Hotels and Resorts, will take a 36% equity in the fund subject to regulatory approvals. Accor and InterGlobe will each hold a 32% equity. The fund will initially hold the assets for seven hotels in India which are currently jointly owned by Accor and InterGlobe. They are valued at £325m and are due to open in key gateway cities of India by 2013.
See the full press release here: http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/Pressreleases/2010/EN/100721_accor_development_india_EN.pdf.pdf