(Reuters) — U.S.-based Warburg Pincus LLC and Vietnam’s VinaCapital said on Thursday their affiliates have agreed to invest up to $300 million in a hotel venture in Southeast Asia.

This will include acquisitions, the development and operation of hotels in the region, where tourist numbers are expected to triple over the next decade, especially from China, Warburg Pincus and VinaCapital said in a joint statement.

“We look forward to contributing our strong acquisition capabilities and local resources to build a hospitality platform of the highest quality and scale in the region,” Don Lam, founder of VinaCapital said in the statement.

The venture will seek to expand by buying and revamping hotels in major cities and developing luxury resorts across Southeast Asia, the statement said.

It said Serenity Holding, previously co-owned by Don Lam and Marco van Aggele, would also contribute to the venture.

VinaCapital is one of Vietnam’s largest private equity firms with diversified portfolio of $1.4 billion in assets under management, while New York-based Warburg Pincus has investments of more than $2.5 billion in real estate across Asia, including in hospitality companies in China and India, the statement said.