APN News

  • Wednesday, October, 2020| Today's Market | Current Time: 11:39:02
  • ITC Hotels Invest Rs 50,000 million for its India Expansion Project

    Published on December 23, 2010

    Noida: The ITC Hotels, a subsidiary of the tobacco giant company ITC is planning to expand its property count within the next five years in India. The company will be investing around Rs 50,000 million in the project and plans on doubling its number to a count of more than 120. At present, ITC Hotels has sixty-six properties sprawled over more than 50 different locations throughout the country. They plan on establishing first-class properties of 5 star ratings in cities like Bengaluru, Chennai and Kolkata. The properties will be venturing into the lines of service apartments, retail space and luxurious villas.

    With steady room rates and high tenancy levels for the past one year, the hotel section of the ITC has been announcing its top most sales of Rs 7830 million in the Financial Year(FY) of 2006 as against Rs 5570 million in the Financial Year of 2005. The profit before tax has jumped from Rs1400 million to Rs 2580 million in the same time period.

    Said to be the largest hotel in the whole of south India, the ITC Grand Chola will be a project that will cost anything in between the range of Rs 8000 million to Rs 10,000 million. The hotel will have around 650 rooms and will comprise of a swanky mall, a private theatre, service apartments, business & conference facilities.

    The ITC Hotels India Expansion Project will aim towards increasing its presence in east India and is in the lines of building one property atleast in the state capitals of the North East. Closing date for the bids is slated to be on12th November 2011.

    The tender document can be found at the following link: http://www.tenderszeal.com/tenders.php?browseby=services&country=IN&code=55000000&service=y&level=2&pid=913551