Global hotel investment company Strategic Hotel Capital and GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corp, are teaming up to provide luxury hotels throughout Europe.
Strategic will oversee the joint venture, be responsible for asset management and selecting operators to manage individual properties. Strategic currently owns the Marriott Champs Elysees in Paris and the Stakis St Ermins in London, which will be flagged a Hilton International hotel in 2000. These properties will not be part of the joint venture.
“The expansion of our relationship with GIC RE provides us with additional capital that will enable us to accelerate our timetable for growth in Europe,” said CEO Laurence Geller.
Kay Dymock, managing director of Strategic’s European operations, added: “As a result of our joint venture with GIC RE, we plan to aggressively target properties throughout Europe and look to acquire our first hotel by the end of 1999.”
For GIC RE, the joint venture furthers its goal to become a pre-eminent global real estate investment manager. GIC Real Estate is wholly owned by the government of Singapore with funds in excess of $70bn.
Business Wire, 13 August 1999
