Cigarette-to-hotels major ITC has bought 26% stake in a 275-room, five-star luxury hotel property being developed by Noida-based Logix Group in Noida's Sector 105. The company will be investing close to Rs 100 crore in the project and will also manage it under the top-end ITC hotels brand.
The total project cost of the hotel, which is part of a larger seven-acre commercial and retail development called Riviera 105, is Rs 440 crore, said a source close to the development, who did not wish to be named. The construction of the hotel is expected to finish in 36 months.
When contacted, the managing director of Logix Group, Shakti Nath said that discussions were on with ITC at the moment, but declined to divulge any further details. In an email response, ITC said: "It will be premature to comment at this stage."
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