NEW DELHI: Indian hospitality major ITC Hotels is “evaluating multiple” offers from property owners in Dubai to operate luxury and premium hotels there as the region tries to make a comeback amid the US-Iran conflict. Apart from Dubai, the second most valuable Indian hotel company (by market cap) is also looking to grow in the “proximal” international market, ITC Hotels Ltd MD Anil Chadha told TOI. It currently has a property in Sri Lanka and will open one in Nepal shortly.“We are in early-stage evaluation for suitable opportunities for management contracts in international destinations. The Middle East, along with proximal markets is under review given the emerging business opportunities in this space,” Chadha said. Tourist flow to West Asia has been hit after the conflict in the region began on Feb 28, but ITC Hotels sees opportunity once hostilities end.While pursuing the “asset right” approach to reach its target of 250 operational properties by 2031 means majorly going in for managed hotels, Chadha said the company will go in for a ” “calibrated increase in owned assets”. “We have built a strong momentum over the last three years with 87 hotel signings and 43 hotel openings, laying the foundation 250 operational hotels with 22,000 keys by 2031. While the managed business continues to scale rapidly through brand-led growth and management contracts, we are simultaneously strengthening our owned portfolio through greenfield developments and strategic acquisitions,” Chadha said.This “twin-track approach” aims to “drive higher management fees, stronger earnings quality and enhanced shareholder value.”With a pipeline of 77 hotels with nearly 8,000 keys, the hospitality major is witnessing a “steady shift towards premium and luxury” offerings. “We are pursuing a multi-engine growth strategy that combines rapid network expansion, a sharper focus on premium hospitality and selective inorganic growth,” Chadha said.By 2031 ITC Hotels plans to increase its owned portfolio from existing 5,700 to 7,500 keys. And the managed portfolio is projected to grow from 8,600 to 15,000 keys.“Our strategy is not just adding hotels, but the focus is on strengthening presence in high-potential markets; increasing the share of premium assets; expanding management fee income and building a larger, more resilient hospitality platform,” said Chadha.In the last quarters, ITC Hotels has taken the acquisition route for three properties, one each in Delhi NCR, Ahmedabad and Kumarakom (Kerala).“We are going beyond the metros, into the new growth corridors of high-potential business, leisure and emerging travel destinations. Recent additions include seven hotels in Madhya Pradesh; four in Kerala; three in Bihar, two in Assam and.have entered the the North-East through Sikkim,” Chadha added.
