<keyword id="166964" type="General" weightage="80" keywordseo="itc-hotels" source="Orion">ITC Hotels</keyword> announced the signing of a <keyword id="1869154" type="General" weightage="80" keywordseo="welcomhotel" source="Orion">Welcomhotel</keyword> in <keyword id="6357621" type="General" weightage="80" keywordseo="jabalpur" source="Orion">Jabalpur</keyword> under a management contract with A.R.V. <keyword id="6368036" type="General" weightage="100" keywordseo="hotels" source="Orion">Hotels</keyword> Private Limited. <keyword id="15307506" type="General" weightage="50" keywordseo="welcomhotel-jabalpur" source="Orion">Welcomhotel Jabalpur</keyword> will offer 124 rooms, more than 15,000 sq. ft. of banquet space along with two restaurants, a swimming pool, a spa and a fitness centre. Located at Sagra, the property is just 6 km away from the popular tourist spot Bhedaghat, while also being accessible to the IT Park (1.5 km), Jabalpur Junction Station (11 km) and Jabalpur Airport (24 km). Anil Chadha, Divisional Chief Executive, ITC Hotels said: "Welcomhotels are on a high growth trajectory, both in business and leisure destinations. We are excited to bring the Welcomhotel brand from the ITC Hotels group to Madhya Pradesh. Jabalpur offers a healthy mix of commercial, trading, government and leisure-oriented business opportunities and has become a key administrative and business centre for the state. The significant meeting and banquet space backed by ITC Hotels' renowned strength in food and beverage and hospitality service will impart Welcomhotel Jabalpur an edge in the market." Rajesh Kumar Jain, Managing Director, A.R.V. Hotels Private Limited, stated: "We are excited to be partnering with ITC Hotels to bring the Welcomhotel brand to Jabalpur. With ample tourism potential around the city, I believe that this hotel will give Jabalpur the necessary boost to attract more demand here." Navanshu Jain, Director, A.R.V. Hotels Private Limited, said: "I have been fond of ITC Hotels when I travel across India and have always felt a strong connection with the brand. I am sure the people of Jabalpur will feel the same warmth about our upcoming property." Designed for those who demand more to make the most out of their stay, Welcomhotel by ITC Hotels is the new age traveller's key to curated immersive experiences that enrich both business and leisure journeys. With an endeavour to provide enriching experiences, the Welcomhotel by ITC Hotels brand is reflective of the warmth of Indian culture while upholding the benchmark service standards that ITC Hotels are known for. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/uber-launches-its-advertising-division-to-showcase-ads-during-rides/articleshow/94980361.cms">Uber launches its advertising division to showcase ads during rides</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a>

ITC Hotels signs Welcomhotel Jabalpur

Global VC investment fell for the third straight quarter, from $136.8 billion in the second quarter of 2022 to $87 billion in the third quarter of 2022, a new report said on Thursday. According to the Q3'22 edition of <keyword id="3503882" type="General" weightage="80" keywordseo="venture-pulse" source="Orion">Venture Pulse</keyword> -- a quarterly report, published by <keyword id="14325559" type="General" weightage="80" keywordseo="kpmg-private-enterprise" source="Orion">KPMG Private Enterprise</keyword>, the number of global VC deals dropped from 10,425 in the second quarter of 2022 to 7,817 in the third quarter of 2022 -- the lowest level in almost five years. "Significant market volatility, ongoing geopolitical and economic turmoil, including fears of a recession, have led to a continued and significant cooling of global VC funding," Jonathan Lavender, <keyword id="192276" type="General" weightage="80" keywordseo="global-head" source="Orion">Global Head</keyword>, KPMG Private Enterprise, <keyword id="274562" type="General" weightage="80" keywordseo="kpmg-international" source="Orion">KPMG International</keyword>, said in a statement. "Despite five deals closing with values over $1 billion, the VC environment has seen the overall number of deals drop to its lowest levels since 2017 and the value of those deals slump to mid-2020 levels; the peak of the pandemic and lockdowns," Lavender added. The US accounted for $43 billion in VC investment in the third quarter of 22, nearly half of the global total. VC investment across the Americas declined from $76.6 billion to $45.6 billion quarter-over-quarter. Meanwhile, Europe experienced a sharp drop in VC investment between the second quarter of 2022 and the third quarter of 2022, from $31 billion to $18.7 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-hotels-signs-welcomhotel-jabalpur/articleshow/94982265.cms">ITC Hotels signs Welcomhotel Jabalpur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hong-kongs-hang-seng-index-hits-a-13-year-low/articleshow/94984206.cms">Hong Kong's Hang Seng index hits a 13 year low</a>

Global VC investment falls for 3rd straight quarter: Report

<ul><li><keyword id="6357073" type="General" weightage="50" keywordseo="itc" source="Orion">ITC</keyword> kicks off its value unlocking process with the demerger of its hotels business.</li><li>Existing shareholders to get shares in the new entity, which will also get listed.</li><li>Markets give a thumbs down to the proposal as ITC will continue holding 40% in the new entity. </li></ul>It is a season of value unlocking. After the demerger of <a href="https://www.businessinsider.in/business/corporates/news/reliances-financial-unit-jio-financial-services-valued-at-21-billion/articleshow/101989196.cms" data-type="tilCustomLink" target="_blank">Jio Financial Services</a> by Reliance Industries, the board of ITC Limited on Monday informed shareholders that it would demerge the hotels business. The company said that the board had evaluated and discussed various alternative structures for the hotels business towards “crafting the next horizon of growth as also enhancing value creation for all stakeholders.” The stock, however, fell by 4% after the announcement as the structure of the demerger has confused investors. Under the demerger scheme approved by the board of ITC, the company will hold a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the company’s shareholders proportionate to their shareholding in the parent company. It is this that the market has given a thumbs down to. The Street was expecting all the shares of the demerged entity to be offered to shareholders. The argument given by the company is interesting. According to the ITC’s statement, the company's proposed reorganisation will ensure continued interest of the company in the hospitality business, provide long term stability and strategic support to the new entity in its pursuit of accelerating growth and sustained value creation as also enable leveraging of cross synergies between the Company and the new entity. Commenting on the proposed reorganisation, Sanjiv Puri, Chairman of ITC Limited, said: “The proposed demerger of the Hotels Business is testament to the company’s commitment to creating sustained value for stakeholders. Creation of a hospitality focused entity will engender the next horizon of growth and value creation by harnessing the exciting opportunities in the Indian hospitality industry. In the proposed reorganisation, both ITC and the new entity will continue to benefit from institutional synergies.” ITC added that its hospitality business had matured over the years and was well poised to chart its own growth path as a separate entity. Despite the demerger, the hotel business will continue to leverage ITC’s institutional strengths, brand equity and goodwill. The demerger will help the new entity in attracting appropriate investors and strategic partners/ collaborations whose investment strategies and risk profiles are aligned more sharply with the hospitality industry. In addition, ITC will unlock value of the hotels business for the company’s shareholders by providing them a direct stake in the new entity along with an independent market driven valuation thereof. This move by the company also reinforces the sharper capital allocation strategy put in place in recent years, manifest in the pivot to ‘asset-right’ strategy in the hotels business. Analysts believe that this is the beginning of the value unlocking process started by ITC. Says Prashanth Tapse, senior vice president (Research) at Mehta Equities Ltd: “ITC's hotel business demerger approval may unlock shareholder value with a direct stake in the new entity, but it disappoints some street expectations. Clarity on the scheme of arrangement is awaited until the Board meeting on 14 August 2023. The stock faces technical pressure.” Details of the <a href="https://www.businessinsider.in/business/corporates/news/itc-to-demerge-its-hotel-business-incorporate-subsidiary-itc-hotels/articleshow/102076501.cms" data-type="tilCustomLink" target="_blank">proposed reorganisation</a>, including the scheme of arrangement, shall be placed for approval of the Board at its meeting to be convened on 14th August, 2023. To progress the proposed reorganisation as aforesaid, the Board has also approved incorporation of a wholly owned subsidiary of the Company, to be named <keyword id="166964" type="General" weightage="60" keywordseo="itc-hotels" source="Orion">ITC Hotels</keyword> Limited or such other name as may be approved by the Ministry of Corporate Affairs. Currently, ITC has 120 hotels and 11,600 keys across 70+ locations. The business today ranks amongst the fastest growing hospitality chains in the country with marquee brands like ‘ITC Hotels’ in the Luxury segment, ‘Welcomhotel’ in the premium segment, ‘Fortune’ in the Mid- market to Upper-upscale segment and ‘WelcomHeritage’ in the Leisure &amp; Heritage segment. Having achieved considerable scale and market standing, the business in 2017 pivoted to an ‘asset-right’ strategy which envisages a substantial part of incremental room additions to accrue through management contracts. Accordingly, two new brands, ‘Mementos’ in the Luxury Lifestyle segment and ‘Storii’ in the Premium segment, have also been launched recently to offer varied experiences to new age travelers. The market has been critical of this business as it is capex intensive and the return ratios have also been low for this business. After two years of pandemic-led disruptions, the Indian hospitality industry has bounced back strongly with significant improvement in room rate and occupancy. ITC’s Hotels Business has also emerged stronger and has delivered robust growth and margin expansion in FY 2022-23 and is well poised to sustain the growth momentum. The Indian hospitality industry is expected to witness rapid growth going forward. The key drivers of growth include the strong macroeconomic fundamentals and growth prospects of the Indian economy, increasing affluence and favourable demographic profile of India’s population. Along with this, the Government of India’s thrust on the travel and tourism sector, which ranks amongst the highest in industry in terms of economic multiplier impact and employment generation, will be a catalyst for growth. The significant investment in infrastructure including airports and highways, leading to improved connectivity and favourable demand-supply dynamics in the industry, should augur well for the sector too.

Explained: Here's why ITC slipped 4% after announcing hotels business demerger

Shares in <keyword id="24349" type="General" weightage="80" keywordseo="hong-kong" source="Orion">Hong Kong</keyword> on Thursday slumped to the lowest level since the global financial crisis. The benchmark <keyword id="48212" type="General" weightage="100" keywordseo="hang-seng" source="Orion">Hang Seng</keyword> index fell by more than 3 per cent to its lowest level since May 2009, before regaining some ground, reports the <keyword id="60684" type="General" weightage="80" keywordseo="bbc" source="Orion">BBC</keyword>. Investors are also concerned about the threat of a global economic slowdown as central banks around the world raise interest rates to tackle rising prices. One financial expert told the BBC that the "panic selling is ridiculous". In his first policy address on Wednesday, Hong Kong's new chief executive <keyword id="191753" type="General" weightage="80" keywordseo="john-lee" source="Orion">John Lee</keyword> announced measures to boost security and plans to attract more overseas talent to the territory. However, he did not elaborate on economic targets for the city, which has lost ground to rival Asian financial centres like Singapore. Hong Kong's economy is currently in a technical recession, after seeing two three-month periods in a row of contraction this year, the BBC reported. Until recently the city had some of the world's toughest Covid-19 rules as it followed China's zero Covid policies. "The Hang Seng has hit a 13-year low and nothing is really helping the fragile sentiment," the BBC quoted Dickie Wong, executive director of Kingston Securities, as saying. "There's also a sense that tax rebates are not enough to draw foreigners back to Hong Kong," he added. Traders were also concerned about the Hong Kong government's "unprecedented silence on key economic indicators", <keyword id="5588486" type="General" weightage="80" keywordseo="kelvin-tay" source="Orion">Kelvin Tay</keyword>, regional chief investment officer at UBS Global Wealth Management said. However, Tay added that investors were mostly concerned about "the economic outlook (of China) and a rise of Covid cases in the middle of the party congress in Beijing". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-hotels-signs-welcomhotel-jabalpur/articleshow/94982265.cms">ITC Hotels signs Welcomhotel Jabalpur</a>

Hong Kong's Hang Seng index hits a 13 year low

New Delhi, May 29 () Multinational Conglomerate ITC Ltd's hospitality arm ITC Hotels on Friday announced to partner online food delivery platform Swiggy to deliver its food delicacies at customers' doorsteps amid the COVID-19 pandemic. The move would enable ITC Hotels' customers to enjoy their pre-paid orders with 'no-contact' deliveries and have unique food experiences with local offerings from the regions at their home, said a joint statement. This would be implemented into phases across India and deliveries from properties such as ITC Maurya (New Delhi), ITC Royal Bengal (Kolkata), ITC Grand Chola (Chennai), ITC Gardenia (Bengaluru), ITC Windsor (Bengaluru), ITC Kohenur (Hyderabad), ITC Rajputana (Jaipur), ITC Grand Goa (Goa) and Welcomhotel Bengaluru would be commenced in the phase one. While, under the second phase more ITC Hotels and Welcomhotel properties will be added to the Swiggy home delivery initiative, it added. Commenting on the development, ITC Hotels COO Anil Chadha said: "We are re-engineering our guest experiences with zero/low associate engagement (including digital ordering and e-payment solutions). The partnership with Swiggy will assist us in responsibly delivering our unique culinary experiences using their advanced distribution network. Together we are committed to delivering a responsible guest experience." Swiggy COO Vivek Sunder said: "Through our partnership with ITC Hotels, customers can now indulge in curated gourmet dishes from popular restaurants of the ITC Hotels chain across India through the Swiggy app. We look forward to creating unique dining experiences for customers while helping them celebrate special occasions at the comfort of their homes." Earlier other luxury star hotels such as Marriott, Hilton have piggybacked on food ordering and delivery platforms such as Zomato, Swiggy to reach customers during the lockdown and the people are expected to avoid crowded places as restaurants in the initial phases. "It may be recalled that ITC Hotels had tapped into the food and beverage take-away model across the country recently and received overwhelming feedback from diners for the "Flavours" takeaway (and home delivery) dining experience. The association with Swiggy endeavours to reach a much larger customer base," said ITC Hotels. Launched in 1975, ITC Hotels is a premier chain of luxury hotels. It operates more than 100 hotels in over 70 destinations. KRH MKJ

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ITC Hotels signs Welcomhotel Jabalpur

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Global VC investment falls for 3rd straight quarter: Report

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Explained: Here's why ITC slipped 4% after announcing hotels business demerger

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Hong Kong's Hang Seng index hits a 13 year low

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ITC Hotels partners Swiggy to deliver food delicacies at customers' doorsteps

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