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India Okays ITC Spinning Off Its Hotel Business

Alan Woinski
May 29th, 2024 at 8:02 AM EDT

Skift Take

The Competition Commission of India approved ITC Ltd’s demerger of its hotel business into the newly independent, publicly listed ITC Hotels Ltd, with ITC retaining a 40% stake and 60% distributed to shareholders.

The China Tourism Academy conducted a survey that shows Macau was ranked as the most satisfying destination for outbound travelers from mainland China in the first quarter of 2024. Macau’s overall score actually fell during the quarter compared to 2023 when it was in third place but the 83.49 in 1Q24 landed it in first place as other regions saw much bigger declines. This is the first time Macau was ranked as the most satisfying destination for outbound travelers from mainland China. The survey also showed mainland residents are enthusiastic about traveling to Hong Kong and Macau and that the one-hour living circle of the Guangdong-Hong Kong-Macau Greater Bay Area is accelerating.

Macau hotel occupancy in April was 83.3%, up 4 percentage points year over year and in line with March’s 83.5% rate. The Statistics and Census Service said April occupancy included 85.1% in five-star hotels, 79.6% in four-star hotels and 81.1% for three-star hotels. The number of hotel guests was up 5.6% year on year to 1,159,000 with mainland China guests rising 11.8% to 823,000. Those from Hong Kong fell -35% to 165,000. For the first four months of 2024, the average occupancy rate of Macau’s hotels went up by 8.4 percentage points year on year to 84.5% while the total number of guests rose by 29.8% to 4,939,000.

Radisson Hotel Group said they signed the Radisson Blu Resort, Ho Tram, a new upscale resort located directly on a beach in Ho Tram, in southern Vietnam’s Ba Ria-Vung Tau province. The property is not due to open until 2028 and is being developed on a site easily accessible from the Long Than International Airportthat is under development near Ho Chi Minh City. The 225 key Radisson Blu Resort will feature beachfront villas, restaurants, a beachside bar, an infinity pool, spa, fitness center, meeting facilities and a ballroom. The new mixed-use development will also feature private residences and a yacht club and have direct access to the coastal road and a diverse natural landscape of beaches, rivers, mountains, hot springs and forests.

Accor said it gained another footprint in Thailand with the opening of Mercure Bangkok Surawong near Bangkok’s CBD of Silom. The hotel has 219 rooms including Classic Rooms to Privilege Rooms each having views of the Bangkok skyline. The hotel offers onsite eateries, a Starlight Rooftop Bar on the 20th floor and more.

Hann Holdings Inc. said they are set to complete the P17 billion first phase of its 450-hectare development that will bring a luxury integrated resort experience to New Clark City in the Philippines in 2026. Hann Reserve is planned to be the largest development in the area. It will introduce several luxury hotel brands to the Philippines, including Banyan TreeSofitelEmblemsThe Luxury Collection, and The Westin. Additionally, it will feature premium villas, luxury residences, commercial and retail establishments, clubhouses, an international school, and convention facilities. The development will also include three PGA-affiliated championship golf courses designed by KJ ChoiNicklaus Design and Nick Faldo. The development is part of Hann’s 10-year plan to blend luxury and recreation in Pampanga.

SeoulSouth Korea will open the first-ever hotel built on a bridge, connecting the northern and southern parts of the city. Sky Suite will be located on the northern end of the Hangang Bridge, where scenic views of the Han River can be enjoyed all day. The hotel is set to open to the public on July 16. Sky Suite Hangang Bridge was formerly used as the Nodeul Jiknyeo Café. It has been under renovation since last December and has been transformed into a 144-square-meter self-contained suite. The accommodation features a living room, bedroom, and bathroom to accommodate up to four guests. Airbnb designed the interior.

The Competition Commission of India has given the green light for the demerger of ITC Ltd’s hotel business into a newly formed entity, ITC Hotels Ltd. The strategic move will see ITC Hotels become an independent entity with its shares listed on the stock exchanges. The demerger involves transferring the hotel business to ITC’s wholly-owned subsidiary. ITC will retain a 40% stake in the nearly former hotel entity with the other 60% distributed to shareholders.

Hilton announced the signing of its flagship Hilton brand in GurugramIndia. Hilton will develop the all-new Hilton Gurugram Baani City Center with Baani Group, which owns DoubleTree by Hilton Gurgaon Baani Square. The property is currently under construction and is set to open its doors later in 2024, part of Hilton’s expansion in key gateway cities across India. The property will be located along Golf Course Extension Road and will deepen Hilton’s partnership with Baani Group. The Hilton Gurugram Baani City Center will feature 223 rooms that range from king rooms to spacious suites. The property will also offer more than 15,000 square feet of MICE space to accommodate a wide range of wedding functions, corporate and social gatherings. It will feature four F&B outlets, including an all-day dining restaurant, a specialty restaurant, a sophisticated lobby bar and an elegant café lounge. Amenities also include an outdoor pool and business and fitness center. Hilton has 26 trading hotels in India and 22 more in the pipeline, well on the way to its goal to triple its India estate to 75 hotels in the coming years.

Ramee Group of Hotels announced the grand opening of its newest hotel in BhujGujarat. Strategically located in Giriraj Nagar in India, the Ramee The Srinivas Palace presents 38 rooms and suites, along with Mirchi, an exclusive vegetarian multi-cuisine restaurant. The hotel offers a 24-hour dining option along with the city’s largest indoor banqueting facility.

Indian Hotels Company announced the opening of the 86-key Ginger hotel, situated near the Dr Babasaheb Ambedkar Airport. The Ginger Nagpur Airport Road hotel is part of a mixed-use development that includes one of the city’s shopping mall. With the addition of the hotel, IHCL will have 34 hotels including 11 under development, across TajVivantaSeleQtions and Ginger brands in Maharashtra.

Hotel and Lodging Performance

Daily Lodging Report subscribers get full access to insights from ST200 as part of their subscription.

The Skift Travel 200, a tool from Skift Research, makes it easy to track travel industry performance as a whole, as well as within specific sectors. The Accommodations sector includes public companies in these sub-sectors: 

  • Global Hotel Brands
  • Hotel Management and Operations
  • Hotel REITs
  • Regional Hotel Brands
  • Time Shares
  • Alternate Accommodations
Alan Woinski
May 29th, 2024 at 8:02 AM EDT

Companies: ITC Hotels, Accor, Banyan Tree, DoubleTree by Hilton, Emblems Collection, Hilton, Hilton Hotels & Resorts, Mercure Hotels, Radisson Blu, Radisson Collection, SeleQtions, Sofitel, Taj, The Indian Hotels Company Ltd, The Luxury Collection Hotels & Resorts, Vivanta, Westin Hotels & Resorts

Locations: Bangkok, China, Delhi, Gujarat, Ho Chi Minh City, Hong Kong, Macau, Philippines, Seoul

Up Next


Banyan Group to Open Kyoto Hotel in Q3 2024

Banyan Tree Higashiyama Kyoto, opening Q3 2024, will be Banyan Tree’s first Japan hotel, featuring 52 guestrooms, a spa, and two dining options.


ITC Shareholders Okay Hotel Spin-Off

ITC shareholders approved the company’s plan to spin off its hotel business, retaining a 40% stake, with overwhelming support from minority shareholders.


Radisson to Open About 15 Hotels in India This Year

Radisson Hotel Group plans to open a new hotel in India every 20 days, aiming for widespread presence including religious destinations, with 180 hotels and 13,700 rooms in operation and in the pipeline.


Accor Opens Its 700th Hotel in China

Accor has opened its 700th hotel in China, the Sofitel Shanghai North Bund, coinciding with the Sofitel brand’s sixtieth anniversary and the China-France Year of Culture and Tourism.

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