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Mumbai, July 21 (PTI) Leading hotel operator Accor and travel corporation InterGlobe today announced the establishment of an investment fund for a portfolio of India hotel assets. Accor and InterGlobe would each hold 32 per cent equity in the fund. An affiliate of Pacifica Partners would take a significant stake of up to 36 per cent equity in this fund, subject to requisite regulatory approvals, a press statement issued here stated. Pacifica Partners Private Limited is the asset manager to a joint venture hotel investment company established by an affiliate of GIC Real Estate Pvt Ltd and Host Hotels & Resorts. The fund would initially hold the assets for seven hotels in India, jointly owned by Accor and InterGlobe, representing 1,750 rooms with a value of approximately USD 325 million on the completion of the hotels. The hotels under development are in prime locations of key gateway cities, the release said. All the seven hotels would open between 2011 and 2013.
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