ITC Hotels Gets Board Nod for $381 Million Vizag Hotel
Photo Credit: ITC Ratnadipa in Colombo, Sri Lanka. ITC Hotels
Skift Take
With India facing a shortage of hotel rooms, ITC Hotels' growth push in untapped markets comes at a timely moment.
ITC Hotels on Wednesday said its board has approved a capital expenditure of INR 32.8 billion ($381.5 million) for construction of a hotel in Visakhapatnam (Vizag), Andhra Pradesh.
The 200-room hotel is expected to be completed by 2029 and will be the first ITC Hotels-owned property in the city. The hotel company already manages two hotels in Vizag under its brands.
While reporting its earnings for the quarter ending June 30, the hotel group also said it is constructing super premium branded residences in Colombo, Sri Lanka. The project is part of ITC’s investment in Sri Lanka said to be the largest investment ever made by an Indian company in the island. ITC also operates a twin-tower hotel, located in the upscale Galle Face area.
Financials: ITC Hotels reported a net profit of INR 13.3 billion ($155 million) for the quarter ending June 30, marking a 54% year-on-year increase, though down from INR 25.8 billion ($300 million) in the previous March qu
