Unitech unveils hotels disposal plan

4th September 2011 (Last Updated September 4th, 2011 18:30)

Indian real estate company Unitech is to sell its three hotels, which are under development, in Gurgaon, Noida and Kolkata. The sale of the hotels, which have a total of 600 rooms, is part of Unitech's strategy to exit most of its non-residential businesses. The developer is n

Indian real estate company Unitech is to sell its three hotels, which are under development, in Gurgaon, Noida and Kolkata.

The sale of the hotels, which have a total of 600 rooms, is part of Unitech’s strategy to exit most of its non-residential businesses.

The developer is negotiating with Carlson for the Gurgaon property and Marriott for the Noida and Kolkata hotels.

The company plans to raise up to Rs7,000m a year from the sale of its non-core assets and will reduce its debt of Rs53,000m by Rs5,000m by the end of this financial year, reports business-standard.com.