ITC Hotels to obtain its first five-star property

ITC Ltd´s hotel division plans to acquire its first luxury property the Ramada Caravela Beach Resort from Advani Hotels & Resorts in Goa. The deal will cost the group about Rs 700 crore. The 199-room, five-star deluxe hotel, which had a third of its rooms renovated in October last year, is managed by the US-headquartered Wyndham Worldwide. ITC has acquired the project at a time when obtaining land for new projects has been difficult. The Ramada property has substantial scope for expansion and is also located close to the sea, making it an ideal choice for a luxury hotel operator. Contact: ITC Ltd. Tel: 033-2288 9371. Website: www.itcportal.com