ITC has bought 26% stake in a 275-room, five-star luxury hotel property being developed by Noida-based Logix Group in Noida's Sector 105. The company will be investing close to Rs 100 crore in the project and will also manage it under the top-end ITC hotels brand as per a report in ET by Ravi Teja Sharma. 

The total project cost of the hotel, which is part of a larger seven-acre commercial and retail development called Riviera 105, is Rs 440 crore, said a source close to the development, who did not wish to be named. The construction of the hotel is expected to finish in 36 months. 

When contacted, the managing director of Logix Group, Shakti Nath said that discussions were on with ITC at the moment, but declined to divulge any further details. In an email response, ITC said: "It will be premature to comment at this stage." 

On the remainder of the plot in Sector 105, which is just ahead of Unitech's Grande project on the Noida-Greater Noida expressway, Logix is making an 800,000 sq ft of commercial office space, 500,000 sq ft of retail space and a budget hotel as well. It has already tied up with global food retail chain Spar International for a hypermarket and is also planning an 11-screen multiplex here. 

Noida is fast emerging as a hot hotel destination with about 18 new hotels under planning with close to 4,200 rooms, according to Cushman & Wakefield. The suburb of Delhi currently has a total of four hotels with 300 rooms. 

Logix itself has tied up with Marriott Hotels to build a 450-room Marriott property and a 250-room Ritz Carlton in Sector 124, Noida. A number of hotels like St Regis, Grand Hyatt, Radisson, Fairfield Inn and Movenpick have already been announced on the 25-kilometre stretch of the Noida-Greater Noida expressway.

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