Singapore's GIC in $600 million regional hotel investment venture
Singapore has teamed up with US-listed Host Hotels and Resorts in a $600 million venture to explore hospitality-related investments in Asia and Australia, the partners said.
By Agencies |
SINGAPORE: Singapore has teamed up with US-listed Host Hotels and Resorts in a $600 million venture to explore hospitality-related investments in Asia and Australia, the partners said.
Host Hotels and Resorts, listed on the New York Stock Exchange, will hold a 25 per cent stake in the venture which will have a maximum $600 million worth of equity, they said in a statement received late on Tuesday.
An affiliate of the real estate arm of the Government of Singapore Investment Corporation (GIC), which is partnering the US hotelier in the venture, will own the remaining 75 per cent, GIC said.
"The joint venture will explore investment opportunities in Asia and Australia," the joint statement said.
GIC is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than $100 billion through various investments.
Its property arm has been expanding its portfolio around the world, including in Tokyo, Munich, Sydney and Seoul.
Host Hotels and Resorts owns 119 up market properties with 64,000 rooms.
Host Hotels and Resorts, listed on the New York Stock Exchange, will hold a 25 per cent stake in the venture which will have a maximum $600 million worth of equity, they said in a statement received late on Tuesday.
An affiliate of the real estate arm of the Government of Singapore Investment Corporation (GIC), which is partnering the US hotelier in the venture, will own the remaining 75 per cent, GIC said.
"The joint venture will explore investment opportunities in Asia and Australia," the joint statement said.
GIC is one of two investment vehicles of the Singapore government and manages the country's foreign reserves of more than $100 billion through various investments.
Its property arm has been expanding its portfolio around the world, including in Tokyo, Munich, Sydney and Seoul.
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Host Hotels and Resorts owns 119 up market properties with 64,000 rooms.
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