Unitech Ltd to invest into hospitality business

Real Estate Company Unitech Ltd has said that they now plan to foray into hospitality business. The company is aiming to invest Rs 600 crore in next two years on its hotel business.

Unitech Managing Director Sanjay Chandra said in a statement on their plans: “We are starting to build hotels. This fiscal we will have four hotels, two at Gurgaon and one each in Noida and Kolkata. We will be investing Rs 600 crore for construction work.”

The company also has released their latest revenue results and they posted a 152 per cent increase in its consolidated net profit at Rs 87.65 crore and 44 per cent rise in turnover at Rs 954.5 crore in 2005-06.

Unitech has also announced collaboration with the Marriott, which will manage the hotels.

Chandra added: “We have already acquired land for the hotels and all four projects would get completed in next two years.”

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