• In the last 24 months, 25 hotels have been opened under the brand portfolio, out of which 24 are managed properties

Excerpts from Annual Report 2023-24:

ITC’s Hotels Business continues to leverage its ‘asset-right’ strategy to be amongst the fastest growing hospitality chains in the country with over 130 properties and 12,000 rooms under distinctive brands – ‘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.

The Business is witnessing growing interest amongst property owners to partner with its iconic brands resulting in healthy generation of leads and pipeline of management contracts. The Business is confident of rapidly scaling up revenues through this route going forward.

Over the years, ITC has expanded its footprint in the Luxury, Upper Upscale and Mid-market to Upscale segments of the Indian hospitality industry. ITC’s ‘asset-right’ strategy envisages a substantial part of incremental room additions, going forward, to accrue through management contracts. In the last 24 months, 25 hotels have been opened under the brand portfolio, out of which 24 are managed properties.

ITC Hotels has embraced an “Asset-right” approach as part of its ITC Next strategy. The focus is on sweating existing assets, increasing the footprint of management contracts and creating additional revenue streams to engender the next horizon of growth and value creation while providing best-in-class consumer experience.

Continuing with the pursuit of its ‘asset-right’ strategy, the Business had recently launched two new brands – ‘Mementos’ in the Luxury Lifestyle segment and ‘Storii’ in the Boutique Premium segment.

– ‘Storii by ITC Hotels’ is positioned as a collection of handpicked properties offering unique bespoke experience-led stays and co-exists in harmony with the environment and the local community.

– ‘Mementos by ITC Hotels’ brings together a collection of unique hotels across varied destinations ranging from modern marvels, hidden retreats to historic treasures, leaving guests with experiences & memories which become prized mementos long after their visit.

Currently, the Business manages seven hotels under these brands.

The Welcomhotel brand now consists of 25 hotels and over 2,700 keys and is well positioned to scale-up rapidly on the back of a strong pipeline of management contracts.

The ‘Fortune’ brand continues to maintain its pre-eminent position in the Mid-market to Upscale segment, with a positioning of ‘First-class, full-service hotels – an affordable

alternative’, comprising 51 operating properties and over 3,800 rooms. The ‘WelcomHeritage’ brand continues to create best-in-class authentic experiences with an operational inventory of 38 hotels comprising over 1,000 rooms.

The Hotels Business delivered stellar performance driven by strong growth in RevPAR across customer segments (Retail, Contracted, MICE, etc.) as well as leveraging marquee events hosted in the country. The Business continued to focus on its strategy of offering a host of curated propositions across accommodation, dining and banqueting services to augment revenues across properties. This included introduction of special packages offering distinct value propositions and flexibility, targeting short getaways/staycations, revamped packages for the MICE & wedding segments and extension of exclusive privileges to members of the Club ITC Loyalty programme.

The financial performance of the Business touched record highs – Segment Revenue for the year stood at Rs. 2989.50 crores while Segment EBITDA at Rs. 1049.88 crores exceeded the Rs. 1000 crore mark for the first time. Segment PBIT for the year stood at Rs. 753.77 crores, witnessing growth of appx. 39% over the previous year.

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