ITC Hotels to Invest $381M to Build 200‑Room Hotel in Vizag
On May 15, 2025, ITC Hotels’ board approved a ₹328 crore (about $381 million) capital investment to build a 200‑room hotel in Visakhapatnam (Vizag), Andhra Pradesh. This will mark the company’s first fully owned property in the city.
The new hotel is expected to open by 2029, with construction funded through internal accruals and no external borrowing.
Though ITC already manages two hotels in Vizag (the Welcomhotel Devee Grand Bay and Fortune Inn Sree Kanya), these were under management contracts. The new project marks ITC’s transition to directly owning real estate in the coastal city.
Vizag is both a business and tourism hub, supported by infrastructure upgrades (including Bhogapuram Airport) and government-backed development plans.
Currently operating over 140 hotels (around 13,000 rooms), ITC Hotels aims to cross 200 properties and 18,000 rooms by 2030, with nearly 45 percent of the portfolio already owned outright.
At the same time, the company is developing super-premium branded residences in Colombo, Sri Lanka (an investment considered the largest ever by an Indian company in Sri Lanka) alongside a twin-tower hotel in the upscale Galle Face area.
