ITC, Accor are in race to acquire six hotel properties owned by realty major Unitech.

ITC who is keen to acquire hotels is likely to acquire hotels in most categories ranging from 3-star to 7-star. It is weighing options to buy hotel assets and has earmarked Rs 15,000 crore over the next five years to expand its hotels, FMCG and agri-businesses.

It is also learnt that international hotel chain Accor is eager to enter the race.

Unitech is planning to exit the hotel business as the financial crisis has hit badly it core business, thus making it difficult to raise funds for future projects. The realty major is being helped by I-Sec to find a potential buyer for its hotel properties.

Unitech is planning to divest its entire stake in the six properties comprising 1,000 rooms. It has scaled down its planned investments in the hotel business from 15 hotels with 2,500 rooms to a mere six hotels consisting of 1,000 rooms. The six properties are being developed in Gurgaon and Kolkata.