ITC Hotels Limited has secured a long-term land lease in Dwarka, New Delhi, for the development of a new premium 5-Star hotel. The land, located at Yashobhoomi, was allotted by the India International Convention and Exhibition Centre Limited (IICC). The new hotel will feature contemporary banqueting facilities and ITC’s signature culinary brands, further enhancing Yashobhoomi’s position as an international destination for conventions and exhibitions.
New Hotel Development in Dwarka
ITC Hotels Limited has announced the acquisition of land on a long-term lease for the development and operation of a new hotel in Dwarka, New Delhi. The land was allotted by the India International Convention and Exhibition Centre Limited (IICC) at Yashobhoomi.
Project Details and Features
The allotted land will be used for the development of a distinguished premium 5-Star hotel. The hotel will include contemporary banqueting facilities and feature signature cuisine offerings from ITC Hotels. This is intended to create a compelling destination for premium hospitality and dining. The ground coverage of the project is approximately 3648 square meters, with a permissible Floor Area Ratio (FAR) of approximately 26179 square meters.
Strategic Importance
The development of this hotel is strategically important for enhancing Yashobhoomi’s stature as an international destination for conventions, conferences, exhibitions, and marquee events. ITC Hotels aims to create one of the finest hospitality offerings, showcasing its culinary and service excellence to global guests. The lease period is approximately 91 years and the lease premium is ₹326.50 crores.
Management Commentary
According to Anil Chadha, Managing Director of ITC Hotels Limited, “Yashobhoomi is a gamechanger for the MICE industry. It has already hosted a large number of trade shows and big conventions. ITC Hotels will leave no stone unturned to create one of the finest hospitality offerings through the proposed hotel that will showcase our culinary and service excellence to global guests.”
Source: BSE
