ITC Resorts, the brand new entity fashioned consequent to demerger of ITC’s hospitality enterprise, acquired listed on the inventory exchanges Wednesday (January 29, 2024) and with it introduced plans to increase its portfolio to over 200 lodges.
The enlargement as a part of an asset proper technique could have it increase footprint throughout India and in proximal markets. From the over 140 properties with 13,000 keys throughout 90 plus areas it operates now, the plan is to increase the portfolio to greater than 200 lodges with 18,000 keys in subsequent 5 years, with roughly two-third salience of managed properties, the brand new pure play hospitality participant mentioned.
As many as 30 lodges had been launched since 2023 and the strong goal is so as to add at the least one resort a month on a mean over the subsequent 24 months, it mentioned. The well-diversified ITC Ltd will retain a 40% stake in ITC Resorts with the remaining 60% distributed amongst current shareholders of the father or mother agency.
The brand new entity whereas accelerating its impartial development trajectory will even proceed to leverage ITC Ltd’s institutional strengths, globally acclaimed sustainability credentials, high-quality expertise pool, digital capabilities, strong governance and sourcing of high quality merchandise. ITC Resorts mentioned it has debuted with zero-debt stability sheet and a money/money equivalents of ₹1,500 crore to cater to deliberate development and contingency necessities.
The debut on the bourses was slightly tepid with the inventory itemizing at ₹188 every on the BSE and after inching as much as ₹189 was 5% down at ₹178.60 round 12.30 p.m. On the Nationwide Inventory Change (NSE), ITC Resorts opened at ₹180 and by the identical time went right down to ₹172 earlier than recovering to ₹175.
“Itemizing of ITC Resorts marks not only a new chapter for the ITC Group’s hospitality enterprise however a daring step ahead in our dedication to creating enduring worth for all stakeholders. ITC Resorts is dedicated to reaching new international benchmarks in hospitality whereas staying rooted in its imaginative and prescient of sustainability and inclusivity… future guarantees thrilling alternatives to increase, innovate and redefine luxurious experiences,” Chairman Sanjiv Puri mentioned in a launch.
“ITC Resorts is able to take daring strides as an impartial, agile and pure play hospitality entity. We intention to be a world chief in Indian hospitality,” Managing Director Anil Chadha mentioned.
Revealed – January 29, 2025 12:53 pm IST
