Rreef, the real estate and infrastructure investment management arm of the Deutsche Bank Group, has established a US$550 million joint venture with private equity firm H&Q Asia Pacific to develop Hilton Garden Inn Hotels in China, the China Business Herald reported. It has licensed the rights from Hilton Hotels Corporation, which is developing the brand as a serviced hotel offering. The joint venture plans to eventually manage more than 25 hotels under the brand in Shanghai and surrounding cities, plus Beijing and Tianjin. It has also said it will acquire and convert at least 15 hotels in the first three years.