An investment arm of Deutsche Bank AG and private equity firm H & Q; Asia Pacific said they are teaming up to develop 25 Hilton hotels in China.

The Wall Street Journal reports that the joint venture has been given the exclusive rights by Hilton to develop Garden Inn hotels in China for up to five years. Among the locations in the Asian country that were set to get hotels were Shanghai and Beijing.

The companies said the total price tag for the development of the hotels would be about $500 million.

Shares in Hilton were down 35 cents or 1.3 percent, to $33.55 Wednesday in afternoon trading on the New York Stock Exchange.