Bengaluru, Sept. 29 -- Canada Pension Plan Investment Board (CPP Investments) has acquired a 27% stake in Prestige Hospitality Ventures Ltd (PHVL), the hospitality platform of leading real estate developer Prestige Estates Projects Ltd, for Rs.3,000 crore.

This marks the Canadian investor's first direct investment in India's hospitality sector, following its growing exposure to the segment across the Asia Pacific region, including recent investments in Japan and Korea.

Both companies announced the transaction late on Tuesday evening. The majority of the capital will support the hospitality platform's expansion.

PHVL owns a portfolio of luxury and premium hotels in key gateway cities across India and has a substantial development pipeli...