ITC to invest Rs 5,000cr for 27 new projets by 2012

By Staff
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Google Oneindia News

New Delhi, Apr 12 (UNI) ITC Ltd today said it has earmarked Rs 5,000 crore over the next five years for its 27 properties under development, even as it targets to double its topline growth by 2012.

''We spent Rs 1,500 crore in updating our human resources and existing hotels so far and will invest Rs 5,000 crore for our projects underway in our next five year plan (2008-2012), adding another 3,000 rooms to our existing chain,'' ITC Chairman Y C Deveshwar told reporters here today.

The upcoming projects under various categories starting from the company's one-star hotels to its premium brands will be fully funded through internal accruals.

ITC presently has over 75 hotels with 5,500 rooms, with this addition the company will have about 8,500 rooms by 2012.

The company also plans to compete head-on with the Ananda Spa, the most luxurious spa in the country and one of the most renowned ones in the world. The company is working towards setting up an even more luxurious spa at its Agra property.

The company today entered into a 10-year franchise agreement with American hospitality major Starwood Hotels and Resorts for upgrading seven of its hotels into the latter's premium brand of hotels 'Luxury Collection'.

The hotels to be rebranded include Maurya (Delhi), Maratha (Mumbai), Sonar (Kolkata), Grand Central (Mumbai), Windsor (Bangalore), Kakatiya (Hyderabad) and Mughal (Agra).

Starwood is likely to introduce its 'Westin' brand in India latter this year in association with the Vatika group at Gurgaon, Sohna and Bangalore.

Starwood has several top end brands in its portfolio which it plans to bring to the country, including four points by Sheraton, W, St Regis and Aloft.

The ITC chain includes seven ITC hotels, seven WelcomHotels, 18 Fortune Hotels and 43 properties under the WelcomHeritage banner.

UNI

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