Unitech to invest Rs2,500 cr to develop 35 hotels

Unitech to invest Rs2,500 cr to develop 35 hotels
PTI
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First Published: Tue, Dec 09 2008. 03 01 PM IST
Updated: Tue, Dec 09 2008. 03 01 PM IST
New Delhi: Realty major Unitech Ltd plans to invest about Rs2,500 crore to develop 35 hotels across the country over the next seven years.
“We will be developing 35 hotels in the next 6-7 years. We already have land in many cities at prime locations,” Unitech managing director Sanjay Chandra said.
The hotels would come up in the national capital region (NCR), Kolkata, Chennai, Goa, Mysore, Bangalore, Hyderabad, Chandigarh, Siliguri and Assam. Of the total planned hotels, about 50% would be located in Kolkata and NCR.
The company would construct over 5,000 rooms in 3-5 star categories in 35 hotels, Chandra said.
He also highlighted that the company would sell these hotels after developing them.
Currently, Unitech is constructing six hotels comprising about 1,000 rooms, of which the one in Gurgaon is scheduled to be operational early next year. It has tied up with international hospitality chain Mariott for management contract for four of its properties.
It is in advanced stage of talks to sell the Gurgaon hotel and the deal is likely to be finalised this month. Unitech is expecting to raise over Rs300 crore, though market observers are valuing the hotel at Rs200-250 crore.
Earlier this week, Unitech Chairman Ramesh Chandra had said the company would raise up to Rs 2,500 crore through sale of some assets and equity to retire part of Rs8,000 crore debt by March, 2009.
The chairman had said that only completed or nearing completion hotels and office buildings would be sold. He had also noted that the company had always planned to exit from hotel business after developing it.
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First Published: Tue, Dec 09 2008. 03 01 PM IST
More Topics: Unitech | Hotels | Investment | Corporate | Real Estate |