BSE 0.21 % is investing $2 billion (Rs 10,683 crore) over the next five to six years to add 5,000 rooms to its hotel portfolio, said Nakul Anand, executive director of ITC.
The company is expanding its hotel operations to Colombo and Kathmandu. In the Sri Lankan city of Colombo, it has bought land and will build a super-deluxe hotel. It is currently developing 40 new properties across cities like Gurgaon, Hyderabad, Noida, Amritsar, Bhubaneswar, Ahmedabad, Bangalore and Coimbatore. These properties will be both in the high-end luxury segment as well as mid-market segment.
The company recently opened one of India's largest luxury hotels, the 600-room ITC Grand Chola in Chennai, which is being promoted as a meetings, incentives, conferences and exhibitions destination, competing with other such destinations in south east Asia. "We have got good enquiries for conferences, weddings and car launches in Chennai.
The initial signs are very encouraging here," he said. The hotel business in India has seen a slowdown in recent times, said Anand. "For the premium segment, 60-70% of the business is international. A major portion of this international business comes from Europe and the US and both these regions are facing problems today. There's a slowdown not only in India but a phenomenal recession in our feeder markets as well," he pointed out. NEWS | ITC to invest over Rs 10,000 crore into hotels business
BSE 0.21 % is investing $2 billion (Rs 10,683 crore) over the next five to six years to add 5,000 rooms to its hotel portfolio, said Nakul Anand, executive director of ITC.
The company is expanding its hotel operations to Colombo and Kathmandu. In the Sri Lankan city of Colombo, it has bought land and will build a super-deluxe hotel. It is currently developing 40 new properties across cities like Gurgaon, Hyderabad, Noida, Amritsar, Bhubaneswar, Ahmedabad, Bangalore and Coimbatore. These properties will be both in the high-end luxury segment as well as mid-market segment.
The company recently opened one of India's largest luxury hotels, the 600-room ITC Grand Chola in Chennai, which is being promoted as a meetings, incentives, conferences and exhibitions destination, competing with other such destinations in south east Asia. "We have got good enquiries for conferences, weddings and car launches in Chennai.
The initial signs are very encouraging here," he said. The hotel business in India has seen a slowdown in recent times, said Anand. "For the premium segment, 60-70% of the business is international. A major portion of this international business comes from Europe and the US and both these regions are facing problems today. There's a slowdown not only in India but a phenomenal recession in our feeder markets as well," he pointed out.