Singapore's GIC in 600-million dollar regional hotel investment venture

Singapore has teamed up with US-listed Host Hotels and Resorts in a 600-million US dollar 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 percent stake in the venture which will have a maximum 600 million dollars worth of equity, they said in a statement received late 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 percent, 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 dollars 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 upmarket properties with 64,000 rooms.

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