ITC Hotels, India’s second-largest hotel chain, has close to 100 properties in over 70 destinations across four brands.
The company, also among the most profitable hospitality firms in the country, has ten LEED Platinum rated super-premium luxury hotels in the country.
Nakul Anand, executive director, ITC Ltd, spoke with DNA about his company’s plans and the Indian hospitality market in general.
"The inventory addition is as anticipated, though I feel the demand for hotel rooms could have increased faster than supply. The current market scenario is true for the entire country, mainly because there is economic slowdown and our source markets are significantly under pressure. I am a great optimist and would imagine most of the issues getting ironed out and demand taking off within a year. Business environment will be much better in the third-fourth quarter next fiscal. The Indian hospitality market has evolved considerably." Said Mr. Anand.
"Our philosophy always has been to make a meaningful contribution in multiple ways. We believe that business can and must play a role in enriching the country’s tourism landscape. Therefore, we have consciously moved from a single dimension of financial value creation to a triple bottomline philosophy of creating value that encompasses economic, environmental and social dimensions. Our strategy is to clearly focus on a few niche areas and provide unique and differentiated value propositions to our guests. We have straddled the entire value chain and now cater to the emerging needs of travellers in different parts of the country through our four brands." he further added.
Mr. nakul said, "If you compare profitability (profit as a percentage of turnover) of other hotel businesses in our competitive set, we are the most profitable hotel company in India. One needs to understand that hospitality is a long-term business. While there can be short-term blips due to various reasons, there is always a turnaround. We have seen many such phases in the past and that hasn’t really stopped the industry from growing."
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