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ITC Hotels Gets 'Buy' Rating As ICICI Securities Initiates Coverage Amid Expansion Plans; Sees 21% Upside
ITC Hotels aims to scale up to 220 hotels and 20,000+ keys by 2030, driven by its ‘asset-right’ strategy, which emphasizes managed properties for capital-efficient growth.
08 Dec 2025, 11:58 AM IST 
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As of Sep’25, ITC Hotels operates 145+ hotels across 13,600+ keys with a mix of 41% owned and 59% managed keys across India, Sri Lanka and Nepal. (Photo source: Company website)
ITC Hotel’s hotels business in 2018 pivoted to an ‘asset-right’ strategy to achieve scalable growth while optimising capital allocation. Going forward, the company has a visible pipeline to expand its footprint from ~13,600 operational keys, as of Sep’25, to over 20,000 operational keys by 2030.
