ITC Buys 26% Stake in Logix Group’s 5star Hotel in Noida (1st October 2011)

Cigarette-to-hotels major ITC has bought 26 per cent 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, reports Economic Times.

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. The construction of the hotel is expected to finish in 36 months. Managing director of Logix Group, Shakti Nath said that discussions were on with ITC at the moment, but declined to divulge any further details.

No Slowdown in Pune Real Estate (1st October 2011)

While many of the Indian cities are reeling under the apprehension of slowdown with sales nose-diving , Pune’s real estate market has defied any such apprehensions. The demand for homes in Pune does not come from the IT sector alone. Pune’s manufacturing sector, which features a number of international names, also drives residential demand. “Pune markets have always been at the peak as far as real estate is concerned. Property buyers have high hopes from Pune with regards to rate appreciation, be it investors or end users. Keeping this in mind, we have launched a project in the vicinity of the most upmarket area of NIBM. We are offering two bhk boutique apartments with all amenities and affordable prices” shares Tushar Sanklecha, director, Sanklecha Constructions.

Oberoi Realty may Buy 50% Stake in ICCI Venture’s South Mumbai Residential: (1st October 2011)

The Oberoi Realty Group is in talks to buy the 50 per cent stake held by ICICI Venture in a residential project in south Mumbai. Oberoi Realty, the group’s publicly held company, is expected to pay Rs 300 crore for the stake, giving ICICI Venture a return of almost six times in seven years, reports Economic Times. Oberoi, in 2004, teamed up with ICICI Venture to float a joint venture to buy a prime four-acre plot belonging to GlaxoSmithKline to develop a residential high-rise. The JV planned build around 44 duplex apartments in two 65-stroreyed towers overlooking the sea.

IHC Group’s Gateway Plans 50 Hotels by 2015 (1st October 2011)

The Indian Hotels Company (IHC), a Tata group listed hospitality firm, on Wednesday said it expects its Gateway vertical to be a 50-hotel brand by 2015. The company plans to come up with Gateway Hotels first in all the metro cities like Mumbai, Kolkata, Delhi, Bangalore and Chennai, the first one of which will open in early 2012, according to its top official, “We have 21 hotels operating under the brand Gateway in our portfolio today. And another 22 new Gateway hotels are under various stages of development,” said P K Mohankumar, chief operating officer (COO), Gateway Hotels.

Mohankumar was in Ahmedabad to announce the launch of The Hotel Gateway Gir, the fourth Gateway brand property in Gujarat, in addition to existing hotels at Ahmedabad, Surat and Vadodara. “The revival of resort in Sasan Gir will have a ripple effect. It shall offer a new experience of Gujarat to visitors from across the globe,” Mohankumar said.
“We expect Gateway to be a 50-hotel brand by 2015, what our vision and mission is,” he said. “Out of the proposed 22 properties 10 are greenfield hotels which are under various stages of construction and another eleven or so are at various levels of approvals,” Mohankumar said