While Unitech will acquire the land on lease and build the hotel, Ritz Carlton will manage daily operations.
Unitech is planning to develop approximately 6 lakh (6,00,000) sq ft on the site, of which half will be for the hotel and the rest for serviced apartments. The 200-room hotel and serviced apartments will require an investment of Rs 500 crore (Rs 5bn), excluding the cost of the land. Construction for the hotel will begin this June and will be completed by 2010.
"We will be investing Rs 10,000 crore (Rs 100bn) over four years for hotels and six to seven malls. The malls will be big-ticket projects, with a minimum built-up area of half a million square feet," said Sanjay Chandra, managing director, Unitech.
The realty company has acquired sites for 28 hotels. Currently Unitech is developing four hotels, which will be managed by Marriot Courtyard.
