ITC Hotels signs a third hotel under its management subsidiary Mementos


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

Anil Chadha, managing director of ITC Hotels, said Himachal Pradesh is one of the top mountain destinations that has seen huge footfall after the pandemic. “With demand mainly coming from road trips to nearby destinations, Shimla is also poised to receive a high influx of domestic tourism and destination weddings. “

Pankaj Gupta, owner of Mementos Shimla, 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 has the capacity and experience of managing large luxury hotels. We are extremely confident that this alliance will provide an exceptional luxury experience for guests.”

Mementos Shimla has 7,500 square feet of banquet space to meet the growing demand for destination weddings in the hills. The company will target leisure and Bleisure (business and leisure) customers. Mementos Shimla is a 30-minute drive from the city’s airport and a 10-minute drive from its train station.

ITC Hotels has more than 100 hotels in 70 destinations across the country under six brands; ‘ITC Hotel’ which is at the luxury end; “Welcomhotel” in the 5-star segment, “Fortune” in the mid-range to high-end segment and “WelcomHeritage” in the heritage leisure segment. Mementos is the new management contract branch of the hotel company which groups hotels in various destinations.

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

ITC reported a 14% year-on-year increase in its net profit for the September quarter to ??3,697 crores. Income rose to ??3,697.18 crore ??3252.62 crore in the corresponding quarter of last year.

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