ITC Hotels Ltd is aiming at expanding its portfolio to over 220 operating units with more than 20,000 keys by 2030, its latest annual report said.
According to the annual report for 2024-25, the company plans to accelerate its growth through management contracts and franchise arrangements.
Approximately, 70% of the keys are being operated under management contracts, including franchising, it said.
Spun into a separate entity after the demerger from ITC Limited, the company owns brands like ITC Hotels, Mementos, WelcomHotel, Storii, Fortune and WelcomHeritage.
"Having achieved considerable scale and market standing, the business pivoted into an asset right strategy to drive growth and reduce the capital intensity of operations," the company said.
The focus was also on strong partnerships with asset owners, leveraging brand credentials and providing operational expertise, ITC Hotels said in the report.
In the last two years, 30 hotels have been launched under the ITC Hotels brand portfolio, out of which 29 are managed and franchised properties in India and Nepal.
The company has a robust pipeline of hotels with a high prominence of brownfield assets, which are likely to open in the next four years. Presently, the company is amongst the "fastest growing" hospitality chains in the country with more than 140 properties and over 13,300 rooms under its six brands, the report said.
In 2024-25, the Indian hospitality industry sustained its strong growth momentum, which was driven by economic stability and robust domestic demand outpacing supply, aided by the government's thrust on improving infrastructure and connectivity in the country.
With over two lakh keys across the country covering various segments, India still remains significantly underpenetrated in comparison to the global hospitality industry, the report said. PTI
