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.