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Sign in Sign up for a FREE subscriptionIndian Hotels, GIC form $600m hotel acquisition platform
Indian Hotels Co., the owner of the Taj luxury hotel chain, has signed a strategic partnership with Singapore’s sovereign wealth fund GIC to jointly invest approximately $600 million during three years.
The investment platform will acquire fully operational hotels in the luxury, upper-upscale and upscale segments in India.
The equity contribution from Indian Hotels will be at 30 percent, and the balance will be contributed by GIC.
Indian Hotels is working toward an Aspiration 2022 to improve its inventory growth. According to a 2018 report from The Economic Times, this plan involves the company divesting noncore assets such as residential apartments and land banks, becoming less ownership-driven, and diversifying from luxury to other categories via its brands Vivanta and Ginger Hotels.