ITC Hotels is set to establish a new 5-star property in Delhi. The hotel chain has been allotted a land lease for over 90 years by the India International Convention and Expo Centre, which is an enterprise of the Indian government.
The allotted land is located at the Yashobhoomi convention center in Dwarka. In an exchange filing, the company said that the land is spread across 3,600 square meters.
“The said land…is intended for the development and operation of a distinguished premium 5 Star hotel, complemented by contemporary banqueting facilities and signature cuisine offerings,” the company said in a statement. It added that the idea behind the hotel is to upgrade the offerings of Yashobhoomi and turn it into an “international destination for conventions, conferences, exhibitions and marquee events.”
The MICE Angle: The new hotel is significant from a meetings, incentives, conferences, and exhibitions (MICE) events perspective.