New Delhi: Diversified Group ITC Ltd and Starwood Hotels and Resorts today extended their existing partnership for 11 ITC Luxury Collection hotels and one hotel under the Sheraton brand.
Strengthening their partnership further, the two partners also announced three upcoming ITC hotels under Starwood's 'The Luxury Collection' brand in India, the company said in a statement.
"The association with Starwood Hotels and Resorts for close to four decades, bears testimony to this commitment and we are pleased to further strengthen our alliance with three upcoming ITC luxury hotels in Kolkata,Hyderabad and Ahmedabad, which will be an archetype of the culture and region they are located in," ITC Ltd Executive Director Nakul Anand said.
The addition of ITC Kohinoor in Hyderabad, ITC Narmada in Ahmedabad and ITC Royal Bengal in Kolkata will take the inventory up to 15 hotels, over the next four years, the statement added.
The two partners had joined hands in 1979 with the Sheraton brand. In 2007, both companies signed an agreement through which Starwood introduced The Luxury Collection brand in India, which at present stands at 11 hotels.
Starwood Hotels and Resorts Worldwide Inc CEO Thomas Mangas said India remained one of the company's fastest growing markets and much of its success can be attributed to the long, collaborative partnership with ITC.
"Starwood is experiencing strong growth momentum in India with signings of new hotels in the past 12 months representing nearly 30 percent of our current operating footprint in the country," he added.
Shares of ITC Ltd were trading 1.75 percent down at Rs 320.40 apiece on BSE.