ITC Hotels announced on Wednesday that its board had approved an investment of INR 32,8 billion ($381,5 million) to build a hotel in Visakhapatnam.
The hotel will have 200 rooms and is expected to be finished by 2029. It will be ITC Hotels’ first property in the city. Two hotels are managed by the hotel company in Vizag.
The hotel group announced its earnings for the third quarter ended June 30. It also stated that it was building super premium residences in Colombo. ITC has invested in Sri Lanka in a project that is said to be one of the biggest investments ever made by a company from India in the country. ITC operates a twin tower hotel in the upscale Galle Face district.
ITC Hotels’ financials: ITC Hotels announced a net profit for the quarter ended June 30 of INR 13 billion ($155 millions), a growth of 54% on an annual basis, although down from INR 25.6 billion ($300million) the previous quarter in March. INR 81.5 billion (948 million) was the revenue for the quarter, up 15% from last year. However, it fell from INR 120.3 billion ($1.23billion) during the previous March quarter.
ITC Hotels is now a separate entity from ITC. This is the third public performance report since the split.
ITC Hotels’ ambitious plans include big bets for new properties. The company has over 140 hotels spread across India and a room inventory that is approximately 13,000 keys. About 45% are owned directly by the company. The remainder are managed under management contracts.
By 2030, the target is to have 200 hotels with 18,000 rooms. ITC Hotels aims to also add 300
