ITC Hotels Ties Up With Starwood

New Delhi: ITC Hotels will soon be increasing the value chain, on the back of its new association with its old partner Starwood Hotels and Resorts, by bringing the Luxury Collection of hotels to India. For now, seven ITC hotels will be upgraded to be a part of the 64 premium properties worldwide that are recognised under the Luxury Collection brand. The Welcome Hotel in New Delhi will now carry the Sheraton brand, which belongs to Starwood. ITC would be investing Rs 5,000 crore in the next four to five years on hotel projects. With 75 hotels (5,500 rooms) under the chain, ITC is hoping to add another 27 properties (3,000 rooms) under its management in the coming years. The company''s aims for the next five years were to double sales, increase operating profits 2.5 times, and net turnover 2.5 times. With a turnover of almost Rs 15,000 crore ($3.5 billion), the Kolkata based company also has interest in packaged food, paper, retail, and agarbattis. The company recently forayed the snacks segments with Bingo.