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ITC Hotels: Difference between revisions
added about Demerger from ITC Ltd.
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| image_caption = ITC Royal Bengal, Kolkata | | image_caption = ITC Royal Bengal, Kolkata | ||
| foundation = {{start date and age|1975}} | | foundation = {{start date and age|1975}} | ||
| location_city = [[ | | location_city = [[Kolkata]] | ||
| location_country = India | | location_country = India | ||
| locations = 70+ | | locations = 70+ | ||
| Line 15: | Line 15: | ||
| key_people = Nakul Anand | | key_people = Nakul Anand | ||
| industry = [[Hospitality]] | | industry = [[Hospitality]] | ||
| revenue = {{up}} | |||
{{INRConvert|2689.12|c}} (2023) <ref name=pnl>{{Cite web|url=https://www.bseindia.com/xml-data/corpfiling/AttachHis/36c519c8-d75a-438e-b72e-a73d44b03ca4.pdf|title=ITC Q4FY23 results}}</ref> | |||
| net_income = {{up}} | |||
{{INRConvert|557|c}} (2023) <ref name=pnl/> | |||
| assets = {{up}} | |||
{{INRConvert|7896|c}} (2023) <ref name=pnl/> | |||
| owner = [[ITC Limited]] | | owner = [[ITC Limited]] | ||
| homepage = {{URL|https://www.itchotels.com}} | | homepage = {{URL|https://www.itchotels.com}} | ||
}} | }} | ||
'''ITC Hotels''' is an Indian [[hotel chain]], | '''ITC Hotels''' is an Indian [[hotel chain]], which is a part of the [[ITC Limited]] group of companies.<ref>{{cite web|url=http://www.itcportal.com/about-itc/itc-profile/itc-profile.aspx|title=ITC Limited - One of the World's Most Reputable Companies|website=Itcportal.com|access-date=15 August 2015}}</ref><ref>{{cite web|url=http://www.itcportal.com/about-itc/itc-profile/history-and-evolution.aspx|title=ITC - History and Evolution|website=Itcportal.com|access-date=15 August 2015}}</ref><ref>{{cite news|url=http://www.hindu.com/2009/04/15/stories/2009041556401600.htm|archive-url=https://web.archive.org/web/20090419234144/http://www.hindu.com/2009/04/15/stories/2009041556401600.htm|url-status=dead|archive-date=19 April 2009|title=Welcomgroup tops Hewitt best employer|date=15 April 2009|work=[[The Hindu]]|location=Chennai}}</ref> With over 100 hotels, it is India's fifth largest hotel chain. It has a franchise agreement to operate most of its hotels as part of [[The Luxury Collection]] of [[Marriott International]]. | ||
==History== | ==History== | ||
[[ITC Limited]] entered the hotel business on 18 October 1975 with the opening of a hotel in [[Chennai]], which was renamed as [[Welcomhotel Chennai|Welcomhotel By ITC Hotels, Cathedral Road, Chennai]]<ref>{{cite web |title= About us |publisher= ITC Hotels | url=https://www.itchotels.in/about.html}}</ref> | [[ITC Limited]] entered the hotel business on 18 October 1975 with the opening of a hotel in [[Chennai]], which was renamed as [[Welcomhotel Chennai|Welcomhotel By ITC Hotels, Cathedral Road, Chennai]].<ref>{{cite web |title= About us |publisher= ITC Hotels | url=https://www.itchotels.in/about.html}}</ref> | ||
ITC Hotels has hosted many visiting royalty and world leaders, including [[George W. Bush]], [[Vladimir Putin]], and [[Barack Obama]].<ref>{{cite news|url=http://www.rediff.com/news/2006/mar/01bush29.htm|title=President Bush arrives|date=1 March 2006|work=[[Rediff]]|access-date=27 July 2010}}</ref><ref>http://infotech.indiatimes.com/articleshow/msid-28103943,prtpage-1.cms{{Dead link|date=July 2010}}</ref><ref>{{cite news|url=http://www.rediff.com/news/2000/oct/02putin.htm |title=Chandragupta ready to host Putin |last=Joseph|first=Josy|date=2 October 2000|work=[[Rediff]]|access-date=27 July 2010 |location=New Delhi}}</ref><ref>{{cite news|url=http://www.hindustantimes.com/india-news/obama-visit-us-wants-no-fly-zone-over-itc-maurya-taj-mahal/article1-1309459.aspx|archive-url=https://web.archive.org/web/20150121212935/http://www.hindustantimes.com/india-news/obama-visit-us-wants-no-fly-zone-over-itc-maurya-taj-mahal/article1-1309459.aspx|url-status=dead|archive-date=21 January 2015|title=Obama visit: US wants no-fly zone over ITC Maurya, Taj |date=26 January 2015|work=[[hindustantimes]]}}</ref> | ITC Hotels has hosted many visiting royalty and world leaders, including [[George W. Bush]], [[Vladimir Putin]], and [[Barack Obama]].<ref>{{cite news|url=http://www.rediff.com/news/2006/mar/01bush29.htm|title=President Bush arrives|date=1 March 2006|work=[[Rediff]]|access-date=27 July 2010}}</ref><ref>http://infotech.indiatimes.com/articleshow/msid-28103943,prtpage-1.cms{{Dead link|date=July 2010}}</ref><ref>{{cite news|url=http://www.rediff.com/news/2000/oct/02putin.htm |title=Chandragupta ready to host Putin |last=Joseph|first=Josy|date=2 October 2000|work=[[Rediff]]|access-date=27 July 2010 |location=New Delhi}}</ref><ref>{{cite news|url=http://www.hindustantimes.com/india-news/obama-visit-us-wants-no-fly-zone-over-itc-maurya-taj-mahal/article1-1309459.aspx|archive-url=https://web.archive.org/web/20150121212935/http://www.hindustantimes.com/india-news/obama-visit-us-wants-no-fly-zone-over-itc-maurya-taj-mahal/article1-1309459.aspx|url-status=dead|archive-date=21 January 2015|title=Obama visit: US wants no-fly zone over ITC Maurya, Taj |date=26 January 2015|work=[[hindustantimes]]}}</ref> and Donald Trump.<ref>{{Cite web |title=Trump to stay at ITC Maurya's Chanakya Suite; here's how much it costs a night |url=https://www.businesstoday.in/latest/economy-politics/story/donald-trump-itc-maurya-chanakya-suite-how-much-costs-night-250726-2020-02-24}}</ref> | ||
The hotel chain works on a philosophy of "Responsible Luxury"<ref>{{cite news|url=https://www.itchotels.in/responsible-luxury.html|title=Responsible Luxury|date=16 December 2019| work=itchotels.in}}</ref> and each hotel in the chain has a [[LEED]] (Leadership in Energy and Environmental Design) Platinum rating.<ref>{{cite news |url=http://leed.usgbc.org/leed.html |title=LEED|date=16 December 2019|work=[[USGBC]]}}</ref> | The hotel chain works on a philosophy of "Responsible Luxury"<ref>{{cite news|url=https://www.itchotels.in/responsible-luxury.html|title=Responsible Luxury|date=16 December 2019| work=itchotels.in}}</ref> and each hotel in the chain has a [[LEED]] (Leadership in Energy and Environmental Design) Platinum rating.<ref>{{cite news |url=http://leed.usgbc.org/leed.html |title=LEED|date=16 December 2019|work=[[USGBC]]}}</ref> | ||
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Originally incorporated as Rama Hotels Pvt Ltd in 1972<ref>[https://www.zaubacorp.com/company/HOTEL-RAMA-PRIVATE-LIMITED/U55102KA1972PTC002152= Rama Hotels Pvt Ltd] ''Zauba Corp''</ref> and renamed Vishwarama Hotels in 1973. The Vazir Sultan Tobacco Co Ltd. ([[VST Industries]]) bought Vishwarama Hotels in 1980-1981 and soon after, in 1982, the first luxury hotel for the new chain opened in [[Bangalore]]. | Originally incorporated as Rama Hotels Pvt Ltd in 1972<ref>[https://www.zaubacorp.com/company/HOTEL-RAMA-PRIVATE-LIMITED/U55102KA1972PTC002152= Rama Hotels Pvt Ltd] ''Zauba Corp''</ref> and renamed Vishwarama Hotels in 1973. The Vazir Sultan Tobacco Co Ltd. ([[VST Industries]]) bought Vishwarama Hotels in 1980-1981 and soon after, in 1982, the first luxury hotel for the new chain opened in [[Bangalore]]. | ||
In 1984, ITC Ltd. bought the entire equity capital from VST. In 1985 the Indian government awarded the Hotel that would later become the ITC Gardenia a five star rating.<ref>[https://www.moneycontrol.com/company-facts/itchotels/history/itc01= Company Facts | In 1984, ITC Ltd. bought the entire equity capital from VST. In 1985 the Indian government awarded the Hotel that would later become the ITC Gardenia a five star rating.<ref>[https://www.moneycontrol.com/company-facts/itchotels/history/itc01= Company Facts – ITC Hotels]. ''moneycontrol.com''.</ref> | ||
The company name was changed from ITC Ltd. to ITC Hotels in 1986. | The company name was changed from ITC Ltd. to ITC Hotels in 1986. | ||
== Demerger from ITC Ltd. == | |||
In an effort to unlock value and focus on core competencies, [[ITC Limited|ITC Ltd.]] decided to demerge its hotel business into a separate entity. The board of ITC Ltd. granted in-principle approval for the demerger under a scheme of arrangement.<ref>{{cite web |date=25 September 2023 |title=Behind ITC's Hotels Demerger |url=https://www.business-standard.com/opinion/columns/behind-itc-s-hotels-demerger-123092501279_1.html |publisher=Business Standard}}</ref> Sanjiv Puri, the CMD of ITC, elaborated that the move is part of a broader strategy for capital raising and debt expansion.<ref>{{cite web |date=26 September 2023 |title=ITC CMD Sanjiv Puri Exclusive Interview |url=https://www.cnbctv18.com/business/companies/itc-share-price-cmd-sanjiv-puri-exclusive-interview-hotel-business-demerger-capital-raise-debt-expansion-17875601.htm |publisher=CNBC TV18}}</ref> | |||
The spinoff will happen at a 10:1 ratio, and an [[Initial public offering|IPO]] is expected to take place in 15 months.<ref>{{cite web |date=26 September 2023 |title=ITC Hotel Spinoff at 10:1 Ratio, IPO in 15 Months |url=https://www.livemint.com/companies/news/itc-hotel-spinoff-at-10-1-ratio-ipo-in-15-months-11692038297794.html |publisher=Livemint}}</ref> The company will hold a stake of around 40% in the new entity, while the balance will be held by the company’s shareholders proportionate to their shareholding.<ref>{{cite web |date=5 August 2023 |title=ITC Hotels Listing Likely in 2024, Company Board to Take Decision on August 14 |url=https://www.businesstoday.in/latest/corporate/story/itc-hotels-listing-in-2024-company-board-to-take-decision-on-august-14-report-392945-2023-08-05 |publisher=Business Today}}</ref> | |||
==ITC Hotels Brands== | ==ITC Hotels Brands== | ||
The group today operates under several distinct brands: | The group today operates under several distinct brands: | ||
*ITC Hotels, which has | *ITC Hotels, which has 15 hotels | ||
*Welcomhotel by ITC Hotels, which has 20+ hotels | *Welcomhotel by ITC Hotels, which has 20+ hotels | ||
*Fortune Hotels, which has 35+ hotels | *Fortune Hotels, which has 35+ hotels | ||
*WelcomHeritage, which has 50+ hotels | *WelcomHeritage, which has 50+ hotels | ||
<gallery> | |||
File:ITC Royal Bengalz.jpg|[[ITC Royal Bengal]], [[Kolkata]] | |||
File:ITC Grand Maratha Hotel, Mumbai, Maharashtra.jpg|ITC Maratha, [[Mumbai]] | |||
File:ITC-Grand-Chola-Chennai-2.JPG|[[ITC Grand Chola Hotel|ITC Grand Chola]], [[Chennai]] | |||
File:ITC Kohenur on Inorbit Mall Road (2).jpg|ITC Kohenur, [[Hyderabad]] | |||
File:Lavasa Fortune Hotel courtyard, Lavasa, Maharashtra.jpg|[[Lavasa]] Fortune Hotel | |||
</gallery> | |||
==References== | ==References== | ||