The Canada Pension Plan Investment Board is entering a joint venture focused on the hospitality sector.

The new scheme, which also includes Hamilton Pyramid Europe, a subsidiary of the Pyramid Global Hospitality Group, aims to acquire operating hotels in European gateway cities and resort destinations. The investment organization has committed €475 million (about $624 million) to the venture, while its partner has committed €25 million (about $32 million).

In a press release, Andrea Orlandi, managing director and head of European real estate at the CPPIB, said the organization expects several European travel destinations to see increased tourism over the coming years. “Our new partnership with Hamilton provides exposure to this asset class across European markets, leveraging their deep sector knowledge and insight . . . [to benefit the CPPIB’s] contributors and beneficiaries.”

Read: Caisse, CPPIB investing in European industrial facilities

In other news, the Ontario Teachers’ Pension Plan is acquiring a majority stake in a chain of private hospitals in India.

Operating throughout the state of Maharashtra, the Sahyadri Hospitals Group includes eight hospitals, 900 operational beds and an additional 300 critical care beds. The investment comes after the private hospital chain announced plans to increase its total capacity by 500 operational beds within the next five years.

The move marks the first time the pension fund has secured a majority stake in India’s private equity market. In a press release, Raju Ruparelia, senior managing director of private capital for the Asia-Pacific region at the Ontario Teachers’, said the organization aims to help guide the SHG’s expansion. “We believe we can leverage our significant global experience in the health-care sector to help scale the company into a national health-care provider in the coming years.”

Read: Ontario Teachers’ entering agreement with mining company, Caisse selling stake in Indian real estate developer