ITC acquires stake in Logix Group hotel project

2nd October 2011 (Last Updated October 2nd, 2011 18:30)

India-based ITC has acquired a 26% stake in a 275-room hotel being developed by Logix Group in the Indian city of Delhi.

India-based ITC has acquired a 26% stake in a 275-room hotel being developed by Logix Group in the Indian city of Delhi.

The company will invest Rs1bn ($20m) in the project and will manage it under the top-end ITC Hotels brand.

The total cost of the hotel is estimated at Rs4bn ($81m) and the building will be complete within three years.

ITC will add another 1,500 rooms to its hotel portfolio and enhance its capacity by 50% over the next three to four years.