ITC Hotels is experiencing a surge in interest from property owners looking to partner with its brand, according to the ITC Annual Report 2023-24. In the past 24 months, the hotel chain has launched 25 new properties, 24 of which are managed properties. This expansion aligns with ITC’s ‘asset-right’ strategy, positioning it as one of the fastest-growing hospitality chains in India, with over 130 properties and 12,000 rooms under distinctive brands.
The report highlights ITC Hotels operation across several segments, including ‘ITC Hotels’ in the Luxury segment, ‘Mementos’ in the Luxury Lifestyle segment, ‘Welcomhotel’ in the Upscale segment, ‘Storii’ in the Boutique Premium segment, ‘Fortune’ in the Mid-market to Upscale segment and ‘WelcomHeritage’ in the Leisure & Heritage segment. This diverse portfolio has attracted significant interest from property owners, generating a strong pipeline of management contracts.
Recently, ITC Hotels introduced two new brands: ‘Mementos’ and ‘Storii’. ‘Storii by ITC Hotels’ offers bespoke, experience-led stays that emphasise harmony with the environment and local communities. ‘Mementos by ITC Hotels’ encompasses unique properties that provide memorable experiences across diverse destinations. Currently, seven hotels operate under these new brands.
The Welcomhotel brand has expanded to 25 hotels with over 2,700 keys, supported by a strong pipeline of management contracts. The ‘Fortune’ brand maintains its leading position in the Mid-market to Upscale segment with 51 properties and over 3,800 rooms. The ‘WelcomHeritage’ brand continues to offer authentic experiences with 38 hotels and over 1,000 rooms.ITC Hotels has delivered exceptional financial performance, driven by strong growth in Revenue Per Available Room (RevPAR) across various customer segments. The Hotels Business reported record-high financials with Segment Revenue at INR 2,989.50 crores and Segment EBITDA exceeding INR 1,000 crores for the first time, reaching INR 1,049.88 crores. Segment Profit Before Interest and Taxes (PBIT) stood at INR 753.77 crores, reflecting a 39per cent growth over the previous year.