ITC has acquired 26% stake in Logix Group's five star hotel property in Riviera 105. ITC will invest around Rs100Cr in the project and will manage the property under 'ITC Hotels' brand.

The total cost of the 275 room luxury hotel is estimated to be around Rs400Cr and it is expected to finish in 3 years.

Logix Group is developing a mixed use commercial & hospitality complex on 7 acres of prime land located in Sector 105 Noida, will have a luxury 5 Star Hotel, a 4 Star Hotel, premium shopping and entertainment centre and corporate office tower. Spar International is developing a hypermarket and Cinepolis will operate a 11 screen multiplex on the project named as Riviera 105.

ITC Hotels had acquired a hotel plot in Sector 97 in 2006 when Noida Authority had alloted land for 14 hotels in the run up to the Commonwealth Games during Mulayam Singh Yadav's tenure. Later, ITC surrendered the plot, after the Supreme Court judgement that asked for higher payment for the land.

ITC is planning to add another 1,500 rooms to its hotels portfolio and enhance its capacity by 50% over the next three-to-four years through acquisitions, joint developments and management contracts. It has also formed a JV with Espirit Hotels to build a luxury hotel in Hyderabad. ITC has bought 26% stake in the JV for Rs.45 Cr.

Logix has also tied up with Marriott Hotels to build a 450-room Marriott property and a 250-room Ritz Carlton in Sector 124, Noida. A number of hotels like St Regis, Grand Hyatt, Radisson, Fairfield Inn and Movenpick have already been announced on the 25-kilometre stretch of the Noida-Greater Noida expressway.

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