Unitech To Infuse $ 720Mn In 4 yrs

Mumbai: Unitech will pump in $720 million in four years to build 28 hotels with partners, including Marriott International, the world''s biggest operator. The per capita annual income in India has increased 86 per cent since 2000, spurring Marriott, Starwood Hotels & Resorts Worldwide and InterContinental Hotels Group to build properties. India is likely to become one of the top five destinations for business travelers in a decade from now.In future, hotels will be build mostly by real estate companies. There are 50,000 luxury rooms in the country at tariffs ranging from Rs 5,000 ($124) to Rs 15,000 a day, with an overall room shortage of about 33 per cent.

In Mumbai, room tariffs have risen about 40 per cent in the past 1 1/2 years on higher occupancy and demand. Hotels make money not just on the rooms but also on food, leasing of facilities for conventions and other services. The New-Delhi based Unitech has hotels under construction in Kolkata, Noida and Gurgaon, and executive apartments in Gurgaon, which will be run by Marriott, Chandra said. The company was working on funding the projects and it would be a mix of its own money and borrowings.