ITC Hotels has picked a 26% stake in a joint venture with Espirit Hotels to build a luxury hotel in Hyderabad. The stake is valued at Rs 45 crore as per reports in ET.
"The project is at a planning stage and would be launched in this calendar year," a senior executive at ITC Hotels, who did not wish to be named, said. The proposed project is close to the existing ITC Kakatiya at Hyderabad , in which the hotel chain holds 68%, and also operates. ITC is also looking to add another 1,500 rooms to its hotels portfolio and enhance its capacity by 50% over the next three-to-four years. This capacity expansion will either be through new acquisitions and developments or management contracts under its four brands-ITC Hotels, WelcomHotel, Fortune Hotels and WelcomHeritage Hotels.
The company may also brand some of its upcoming hotels under the Luxury Collection by Starwood brand. The hotels division of the Kolkata-based cigarette to retail conglomerate currently operates, owns and manages about 110 hotels spread across the four brands. "ITC plans to have a portfolio of 150 hotels. In the premium segment we have 3-4 hotels under construction and another 6-7 hotels on drawing board," the executive said.
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