ITC Hotels

ITC's Hotel Group has announced the opening of its first Mementos property by ITC Hotels, Ekaaya, Udaipur, under the new brand - Mementos

It is interesting to see that the new business opportunity is fuelled by India's G20 presidency. The G20 meetings have added to the demand in cities that are slated to host key events

As part of the ITC Next strategy, we are making sure that the organisation remains agile, nimble and consumer-centric at all times

A key lever of the ITC Next strategy is to spot new opportunities at the intersection of digital, sustainability and enterprise strengths

The company attributed the performance to strong and broad-based growth across markets and channels

However, the counter has lost over 5 per cent from its recent high of Rs 346.25 hit on September 23, 2022 and has underperformed the S&P BSE Sensex, which has lost nearly 2 per cent since then

ITC has launched two brands - Storii, in the boutique premium segment, offering immersive experiences, and Mementos, a collection of unique luxury properties across destinations

According to reports, ITC Hotels could soon be a separately listed entity, carved out of the parent cigarette-to-branded packaged food conglomerate.

ITC Ltd would pursue the "asset-right" strategy for its hotel business to ensure that the diversified conglomerate remains competitive and contemporary, and continues to deliver superior performance, its chairman Sanjiv Puri said. The Kolkata-based multi-conglomerate, which operates hotels under the brand names such as ITC and Welcome, also said that it is exploring foreign markets for its hospitality business, he said. According to Puri, the tourism and hotel industry is recovering after pandemic and the company will take the demerger process forward and explore alternate structure. "Once things are finalised and we have a final proposal we will share it," Puri told PTI when asked about the demerger of ITC hotel business. On the company's plans to expand hotel operations overseas, he said they are "pursuing asset-right strategy sometime now and there are large number of hotels that have come in under Welcome hotels. The new brand called 'Storii' and 'Momentous' also will start ...

Mid-sized hotels have an advantage of better penetration in the tier-2 and tier-3 markets

The remuneration of directors of hotel companies, like IHCL and EIH Ltd, has seen a rise between 8 and 250 per cent in FY22 year-on-year (YoY)

ITC Chairman and Managing Director Sanjiv Puri's three years in charge have seen structural shifts that steadied the cigarettes to hotels major against a tough business environment

Lower costs, improving occupancies as well as room rents augur well

Club ITC members can also save up to 10 per cent on room reservations through Club ITC exclusive member rates and earn and redeem Club ITC Green Points for their stays booked directly

Slated to open in the first quarter of next fiscal, the 130-room property is spread over 106 acres with each room offering a view of the beautiful panoramic Arravalis

On the bourses, the stock of the cigarette-to-hotels conglomerate rallied 16 per cent on the BSE during the quarter under review, as against around 13 per cent gain in the benchmark S&P BSE Sensex

Together with Storii, the hotel chain is looking to create differentiated experience for travellers

These five hotels will be -- Fortune Resort Benaulim Goa, Fortune Park in Hoshiarpur (Punjab), Fortune Park in Tirupur (Tamil Nadu), Fortune Select in Goa and a Fortune Inn in Haldwani (Uttarakhand)

About the FMCG business, Sanjiv Puri said ITC is focusing to build a formidable business at scale and several of its brands have already achieved leadership positions

Sanjiv Puri said an extensive strategy reset has been undertaken to architect the structural drivers that will power ITC's next horizon of growth