ITC Hotels signs third hotel under its Mementos management arm

New Delhi: ITC Ltd’s subsidiary ITC Hotels has signed a management contract for another hotel, a 297-key hotel under its Mementos brand in Shimla. The company said the hotel is its third signing of the hotel, after Udaipur and Jaipur.

Anil Chadda, CEO of ITC Hotels said Himachal Pradesh is one of the major destinations which have seen a massive rise after the pandemic. “Due to the demand mainly stemming from road trips to nearby destinations, Shimla is preparing to receive a huge influx of inbound tourism and destination weddings as well.”

Pankaj Gupta, owner of Mementos Shimla Hotel, said the company is building one of the largest hotels in the hills, in the heart of Shimla. “We had to choose a partner who had the ability and experience in managing large luxury hotels. We are very confident that this alliance will provide a great luxury experience for the guests.”

Mementos Shimla has 7,500 square feet of banqueting space to cater to the growing demand for hillside weddings. The company targets leisure and entertainment (business and leisure) customers. Mementos Shimla Hotel is a 30-minute drive from the city’s airport and a 10-minute drive from the railway station.

ITC Hotels has more than 100 hotels in 70 destinations in the country under six brands; “ITC Hotel” which is located at the height of luxury; “Welcomhotel” in the 5-star category, “Fortune” in the mid-market to the high-end segment, and “WelcomHeritage” in the heritage leisure segment. Mementos is the newly launched hotel company management arm that brings together hotels in different destinations.

According to Gurugram-based hospitality consultancy Hotelivate in a report, in the 2020-21 fiscal year, the supply of existing branded rooms in India increased by 3.3% compared to the previous fiscal year, increasing the total number of branded rooms in the country to 1.44 lakh. This takes into account 4,093 new rooms opened during the year.

ITC reports a 14% year-over-year increase in September quarter net profit to NS3,697 crores. Revenue increased to NS3,697.18 crore from NSRs 3,252.62 crore in the corresponding quarter of last year.

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