ITC to set up a five star hotel in Ahmedabad

Diversified major, ITC is planning set up a five star hotel inAhmedabad under the banner of ITC-Welcomgroup chain of hotels. Theproposed deluxe hotel will have a capacity of 250 to 300 rooms andwill involve a cost of Rs 3 bn. The project will begin in 2007 and theconstruction will be completed by 2010. This will be the company'sfourth hotel in Gujarat and second in Ahmedabad as ITC already has aWelcomgroup hotel in Vadodara, hotel Fortune Landmark in Ahmedabad andFortune Hotel Galaxy in Vapi under the banner of Fortune Park HotelsLtd, which is a subsidiary of ITC. With Gujarat being an importantbusiness destination, the number of business tourists visiting thestate is high. With favourable demand supply gap prevailing in thestate, this will help the company command better room rates andincrease its market share.