ITC Hotels

Last updated

ITC Hotels
Industry Hospitality
Founded1975;49 years ago (1975)
Headquarters
Kolkata, West Bengal, India
Number of locations
70+
Area served
India
Key people
Nakul Anand
RevenueIncrease2.svg₹2,689.12 crore (US$340 million) (2023) [1]
Increase2.svg₹557 crore (US$70 million) (2023) [1]
Total assets Increase2.svg₹7,896 crore (US$990 million) (2023) [1]
Owner ITC Limited
Website www.itchotels.com

ITC Hotels is an Indian hotel chain, which is a part of the ITC Limited. With over 100 hotels, it is India's third largest hotel chain. It has a franchise agreement to operate most of its hotels as part of The Luxury Collection of Marriott International.

Contents

History

ITC Royal Bengal, Kolkata ITC Royal Bengalz.jpg
ITC Royal Bengal, Kolkata
ITC Kohenur, Hyderabad ITC Kohenur on Inorbit Mall Road (2).jpg
ITC Kohenur, Hyderabad

ITC Limited entered the hotel business on 18 October 1975 with the opening of a hotel in Chennai, which was renamed as Welcomhotel By ITC Hotels, Cathedral Road, Chennai. [2]

ITC Hotels has hosted many visiting royalty and world leaders, including George W. Bush, Vladimir Putin, and Barack Obama. [3] [4] [5] [6] and Donald Trump. [7]

The hotel chain works on a philosophy of "Responsible Luxury" [8] and each hotel in the chain has a LEED (Leadership in Energy and Environmental Design) Platinum rating. [9]

Originally incorporated as Rama Hotels Pvt Ltd in 1972 [10] and renamed Vishwarama Hotels in 1973. The Vazir Sultan Tobacco Co Ltd. (VST Industries) bought Vishwarama Hotels in 1980-1981 and soon after, in 1982, the first luxury hotel for the new chain opened in Bangalore.

In 1984, ITC Ltd. bought the entire equity capital from VST. In 1985 the Indian government awarded the Hotel that would later become the ITC Gardenia a five star rating. [11] The company name was changed from ITC Ltd. to ITC Hotels in 1986.

In an effort to unlock value and focus on core competencies, ITC Ltd. decided to demerge its hotel business into a separate entity in 2023. The board of ITC Ltd. granted in-principle approval for the demerger under a scheme of arrangement. [12] Sanjiv Puri, the CMD of ITC, elaborated that the move is part of a broader strategy for capital raising and debt expansion. [13] The spinoff will happen at a 10:1 ratio, and an IPO is expected to take place in 15 months. [14] The company will hold a stake of around 40% in the new entity, while the balance will be held by the company’s shareholders proportionate to their shareholding. [15]

Brands

The group today operates under several distinct brands:[ citation needed ]

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References

  1. 1 2 3 "ITC Q4FY23 results" (PDF).
  2. ↑ "About us". ITC Hotels.
  3. ↑ "President Bush arrives". Rediff . 1 March 2006. Retrieved 27 July 2010.
  4. ↑ http://infotech.indiatimes.com/articleshow/msid-28103943,prtpage-1.cms%5B%5D
  5. ↑ Joseph, Josy (2 October 2000). "Chandragupta ready to host Putin". Rediff . New Delhi. Retrieved 27 July 2010.
  6. ↑ "Obama visit: US wants no-fly zone over ITC Maurya, Taj". hindustantimes . 26 January 2015. Archived from the original on 21 January 2015.
  7. ↑ "Trump to stay at ITC Maurya's Chanakya Suite; here's how much it costs a night". 24 February 2020.
  8. ↑ "Responsible Luxury". itchotels.in. 16 December 2019.
  9. ↑ "LEED". USGBC . 16 December 2019.
  10. ↑ Rama Hotels Pvt Ltd Zauba Corp
  11. ↑ Company Facts – ITC Hotels. moneycontrol.com.
  12. ↑ "Behind ITC's Hotels Demerger". Business Standard. 25 September 2023.
  13. ↑ "ITC CMD Sanjiv Puri Exclusive Interview". CNBC TV18. 26 September 2023.
  14. ↑ "ITC Hotel Spinoff at 10:1 Ratio, IPO in 15 Months". Livemint. 26 September 2023.
  15. ↑ "ITC Hotels Listing Likely in 2024, Company Board to Take Decision on August 14". Business Today. 5 August 2023.
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