Warburg Pincus & Co. and VinaCapital Group Ltd's US$300 million joint venture closed the acquisition of two hotels in Cambodia for an undisclosed amount.
Lodgis Hospitality Holdings Pte. Ltd. also plans to upgrade and renovate the 175-key Raffles Hotel Le Royal Phnom Penh and the 119-key Raffles Grand Hotel d'Angkor Siem Reap.
The purchase of the two Raffles Hotels marks the joint venture's first acquisition outside of Vietnam.
The acquisition also boosted its hotel platform, making Lodging Hospitality the owner of the largest portfolio of luxury heritage hotels in the Indochina region with more than 15 projects in operation and under development, according to a release.