New Delhi, Sept 23: ITC Hotels has chalked out an ambitious plan to add 1500 new deluxe rooms with an investment of Rs 1,500 crore in the next five years to its 32-property hotel chain."ITC views the proposed Rs 1,500 crore investment as a contribution to create infrastructure to facilitate trade and commerce in India" managing director of ITC Hotels and director of ITC Ltd, SSH Rehman, said in an exclusive interview to The Financial Express. ITC Hotels will hold its annual general meeting in the capital on Friday.
In the next five years, ITC Hotels plans to add six new hotels to its existing proerties. The new hotels will be set-up in the four metro cities while one property will be based in Bangalore.
Of the total investment, Rs 300 crore will be pumped-in in the current fiscal.
"ITC Hotels has earmarked Rs 300 crore in 1999-2000 for investment in new projects. The funds will be provided by the parent company, ITC Limited," said S C Sekhar, executive vice president (growth and development), ITC Hotels.
The Rs 51-crore expansion of the Delhi-based Maurya Sheraton hotel is close to being completed. The new wing of the hotel with 80 rooms will be ready for operation by early next year.
Part of the remaining funds are slated for the up-coming 5-star hotel at Sahar International Airport in Mumbai. Construction of this hotel is already underway. The 400-room hotel will be completed by October 2000 with a total investment of Rs 450 crore.
Construction will also begin soon on another hotel in Mumbai and a 5-star hotel in Calcutta.
ITC already has the land for these two hotels which include a 260-room hotel in Parel in central Mumbai for which a Rs 170 crore investment has been set aside. ITC Hotels will also contruct a 250-room hotel in east Calcutta with an investment of Rs 50 crore.
In Delhi, ITC has acquired a 37.55 per cent stake in a joint venture with contruction group Ansals for a 220-room hotel in south Delhi. The hotel will be completed by the middle of next year with contruction already in full swing. The Ansals were previously in a joint venture with Marriott International of the USA.
The ITC hotel chain is also scouting for a hotel property each in Chennai and Bangalore. The group plans to contruct 5-star hotels at these locations.
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Five new hotels to come-up in the four metros, one in Bangalore The metro hotels include a joint venture with Ansals in Delhi where ITC will invest Rs 180 crore Two hotels in Mumbai and a 250-crore hotel in Calcutta Investment in new projects in 1999-2000 earmarked at Rs 300 crore. Funds to come from parent company, ITC Limited Projects this year include a Rs 51-crore expansion of the Delhi-based Maurya SheratonCopyright © 1999 Indian Express Newspapers (Bombay) Ltd.