Canada Pension Plan Investment Board (CPP Investments) has acquired a 27 per cent stake in Prestige Hospitality Ventures (PHVL), the hospitality platform of real estate developer Prestige Estates Projects, for Rs. 30 bn. The transaction is the Canadian investor’s first direct investment in India’s hospitality sector and was announced by both companies on Tuesday evening. Most of the capital will be used to support PHVL’s expansion. PHVL owns luxury and premium hotels in key gateway cities across India and has a substantial development pipeline in Bengaluru, Chennai, Delhi, Goa, Hyderabad and Mumbai. The platform is part of Prestige Estates Projects’ broader real estate business and is being positioned for expansion across the country’s main hospitality markets. The investment follows Prestige Hospitality’s decision to withdraw plans for a public listing. In April 2025, PHVL filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India for an initial public offering that was intended to raise up to Rs. 27 bn. Prestige Estates later said its board had withdrawn the filing because of strategic considerations and uncertain market conditions. Irfan Razack, chairman and managing director of Prestige Group, said hospitality remained an important part of the group’s long-term growth strategy. He said the partnership with CPP Investments would support the creation of a scaled, high-quality hotel portfolio across India, drawing on the investor’s long-term approach and Prestige’s development capabilities and market understanding. Hari Krishna, head of Real Estate India and head of the Mumbai office at CPP Investments, said India’s hospitality sector offered compelling opportunities because of rising travel and demand for quality accommodation. He said the investment would give CPP Investments exposure to the sector’s long-term growth through a well-positioned platform, while seeking risk-adjusted returns for its contributors and beneficiaries.