AbhishekGupta

Unitech would invest $720 million in four years to build 28 hotels with partners, including Marriott International - the world’s biggest operator.

While four hotels are under construction, work on 10 more would begin by the end of the year. Four of these would be operated by Bethesda, the Maryland-based Marriott - According to the Unitech's Chairman.

According to the London-based World Travel & Tourism Council - India is likely to become one of the top five destinations for business travelers in a decade from now. Per Capita Income in India has already experienced an increase of around 86 % which has motivated Marriott, Starwood Hotels & Resorts Worldwide and InterContinental Hotels Group to build properties.

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, said K D Mehru, an analyst at Khandwala Securities. In Mumbai, room tariffs have risen about 40 per cent in the past 1 1/2 years on higher occupancy and demand.

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 as Mr Chandra of Unitech said.