ITC Foresights to Multiply Hotel Room Inventory within Next Five Years

A Multinational conglomerate company ITC Hotels plans to boost the inventory of its hotel room by 50 percent over the period of next five years. The company ITC Hotels looks to attain 200 hotels with 18,000 keys and with two-thirds of the keys in the already managed portfolio.

Beneath its roadmap for portfolio expansion, already the company has a pipeline of 3,211 rooms across 35 hotels moving forward. In the coming five years, the premium hotel keys would constitute 45 percent of the total managed ahead, up from 30 percent at the present. Furthermore, the group is under the discussion and plan to include 300 rooms additionally in the category of greenfield/brownfield. In the beginning of 2024, its aquired capacity would be amplified with Welcomhotel Chennai -renovated 90 keys and ITC Ratnadipa, Colombo -352 keys.

The company has released 22 hotels in the past 24 months. Two already managed hotels with 442 keys will equipped to be operational in early 2024 that incorporate a 352-key property in Colombo, which has been expected so far. During August 2023, the luxurious Hotel group ITC permitted the demerger of the hotel business, as it had matured, scaled up and was in a position to chart its own growth path. Across the various business sectors, the company aims to make extent and productivity as part of ITC’s Next strategy of its portfolio expansion.

The luxurious portfolio of ITC includes six brands that targets different segments of customers. Whereas ITC Hotels and Mementos operate under the luxury category, Welcomhotel and Welcomheritage are in the heritage group. The new brand Storii is placed as a boutique while Fortune is in the mid scale division. At present, the group has 12,000 rooms across 131 hotels with 80 destinations.