ITC Hotels gets land allotment on lease basis at Yashobhoomi in Dwarka

New Delhi, Jan 9 (PTI) ITC Hotels Ltd on Friday said it has been allotted land on lease at Yashobhoomi, Dwarka, by India International Convention and Exhibition Centre Ltd to develop a five-star property.

The land, which has been allotted on a long-term lease basis, is intended for the development and operation of a premium five-star hotel, complemented by contemporary banqueting facilities and signature cuisine offerings, the company said in a statement.

In a regulatory filing, the company said land with ground coverage of around 3,648 square metres has been leased for a period of 91 years, and it will pay a lease premium of Rs 326.50 crore.

"Yashobhoomi is a game-changer for the MICE industry. It has already hosted a large number of trade shows and big conventions," ITC Hotels Managing Director Anil Chadha said, adding the company would "create one of the finest hospitality offerings through the proposed hotel that will showcase our culinary and service excellence to global guests".

The hotel is poised to play a pivotal role in further enhancing Yashobhoomi's stature as an international destination for conventions, conferences, exhibitions and marquee events, the company said.

ITC Hotels already has a strong footprint across Delhi-NCR, with 10 properties and 1,599 keys across various brands, including ITC Hotels, Welcomhotel and Fortune. PTI RKL BAL BAL BAL