NEW DELHI: ITC Hotels is “evaluating multiple” offers from property owners in Dubai to manage luxury and premium hotels there as the region tries to make a comeback, amid US-Iran conflict.“We are in early-stage evaluation for suitable opportunities for management contracts in international destinations. The Middle East (West Asia), along with proximal markets is under review, given the emerging business opportunities in this space,” Chadha said. Tourist flow to West Asia has been hit after the conflict in the region began on Feb 28, but ITC Hotels sees opportunity once hostilities end.Apart from Dubai, the second most valuable Indian hotel company by market cap, is also looking to grow in the “proximal” international market, ITC Hotels Ltd MD Anil Chadha told TOI. It currently has a property in Sri Lanka and will open one in Nepal shortly. While pursuing the “asset right” approach to reach its target of 250 operational properties by 2031 means majorly going in for managed hotels, Chadha said the company will go in for a “calibrated increase in owned assets”.“We have built a strong momentum over the last three years with 87 hotel signings and 43 hotel openings, laying the foundation 250 operational hotels with 22,000 keys by 2031. While the managed business continues to scale rapidly through brand-led growth and management contracts, we are simultaneously strengthening our owned portfolio through greenfield developments and strategic acquisitions,” Chadha said.This “twin-track approach” aims to “drive higher management fees, stronger earnings quality and enhanced shareholder value.” With a pipeline of 77 hotels with nearly 8,000 keys, the hospitality major is witnessing a “steady shift towards premium and luxury” offerings.
