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ITC Hotels Secures Prime Delhi Land for New 5-Star Hotel
9 Jan
Summary
- ITC Hotels leased land for a new 5-star hotel in Dwarka.
- The lease premium for the land is ₹326.5 crore for 91 years.
- The hotel will boost Yashobhoomi's status as a convention hub.
ITC Hotels has been allotted leasehold land at Yashobhoomi, Dwarka, New Delhi, for the development of a new premium 5-star hotel. The agreement with India International Convention and Exhibition Centre Limited involves a lease premium of ₹326.50 crore for approximately 91 years. This expansion marks a significant investment in the Delhi NCR hospitality market.
The proposed hotel will feature contemporary banqueting facilities and signature cuisine, designed to complement Yashobhoomi's role as a major international venue for conventions and exhibitions. Anil Chadha, Managing Director of ITC Hotels Ltd, highlighted Yashobhoomi as a "game-changer" for the MICE industry, emphasizing the hotel's potential to showcase culinary and service excellence to global visitors.
This development will bolster ITC Hotels' existing strong footprint in Delhi NCR, which currently comprises 10 properties across its brands. The company views this new venture as crucial for enhancing Yashobhoomi's status as a premier destination for large-scale events and international gatherings.
