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Indian Hotels Co enters Jammu, signs a Vivanta hotel in the city

Indian Hotels Company (IHCL) on Tuesday announced the signing of a Vivanta hotel in Jammu, Jammu and Kashmir (J&K).

June 08, 2022 8:33 IST | capital market
Located in the heart of the city, the existing hotel will be upgraded into the Vivanta brand post renovation. This is a management contract with the KC Group. The hotel is slated to open at the end of 2022 after completing renovation. The 88-rooms Vivanta hotel is strategically located in the city centre, a short driving distance from the airport as well as all major tourist attractions and commercial districts. Dining options at the hotel will include Mynt, the all-day dining restaurant, and a bar. Recreational facilities will include a pool, fitness center and spa. The hotel will also feature banqueting halls with meeting rooms for social and business gatherings. Commenting on the signing, Suma Venkatesh, executive vice president - real estate & development, IHCL, said, The signing of this hotel is in line with IHCLs vision of expanding our presence in key domestic markets. Jammu has significant tourism and commercial potential. Vivanta Jammu will be the first IHCL hotel in the city. We are delighted to partner with the KC Group. Jammu, on the banks of the River Tawi, is the winter capital of the state of Jammu and Kashmir. It is also known as the City of Temples for its ancient temples. With the addition of this hotel, IHCL will have five hotels in Jammu & Kashmir including three under development. The KC Group is one of the oldest business houses in Jammu. Starting as a timber trading and furniture company before independence, it has diversified and has a footprint across education, automobile dealerships, malls, multiplexes and industrial units. Raju Chowdhary, chairman, K C Group and Siddhant Chowdhary, managing director Hotel KC City Centre said, We are happy to collaborate with IHCL for this hotel in Jammu. We believe that this Vivanta hotel will leverage the untapped potential of the hospitality landscape in the city with a new and refreshed spirit. IHCL and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. IHCL has a portfolio of 237 hotels including 60 under development globally across 4 continents, 11 countries and in over 100 locations. On a consolidated basis, IHCL reported a net profit of Rs 57.93 crore in Q4 FY22 as against net loss of Rs 116.55 crore in Q4 FY21. Net sales surged 41.8% to Rs 872.08 crore in Q4 March 2022 over Q4 March 2021. Shares of IHCL rose 1.01% to settle at Rs 231.10 on Tuesday. Powered by Capital Market - Live News

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