ITC Expands Hospitality Footprint with New Hotels
ITC Limited, the diversified conglomerate, is bolstering its hospitality business with the announcement of new hotels in strategic locations across India. The company is set to invest significantly in this expansion, estimating outlays surpassing Rs 4000 crore for this year and the next.
Upcoming Hotel Projects
- Kolkata: A monumental 1.2 million sq ft hotel, slated to arise in Kolkata, comes with an estimated investment of Rs 860 crore. Construction on this 600-room property is already underway.
- Chennai: The 'Grand Chola' in Chennai, situated on the historic 'Campa Cola' property in Guindy, is expected to be completed by 2010 with an estimated investment of Rs 1,200 crore.
- Bangalore: ITC's second hotel in the city is on track for completion in 2009.
- Ahmedabad & Hyderabad: Land acquisition for hotel projects in these cities has been finalized, with the Hyderabad project awaiting Supreme Court clearance.
- Delhi NCR: Plans for another hotel just outside Delhi are also in the pipeline.
Investment Strategy
"We invested Rs 4,000 crore in our hotels business in the last two years. We would invest more (than Rs 4000 crore) this year and next year," stated Y C Deveshwar, Chairman of ITC, during the e-choupal launch event in Sivaganga. He emphasized the company's openness to joint investments in the hospitality sector, underscoring its commitment to growth.
Operational Partnerships
ITC has a significant partnership with Starwood Hotels & Resorts, which will oversee the operations of several of these new hotels, ensuring top-tier service and luxury experiences for guests.