Company sources said, "Super deluxe hotels of the group will henceforth carry the ITC prefix while the five-star category will carry the brand name Welcom Hotel. These will be supported by the two existing categories called Welcom Heritage, consisting of palaces, forts and `havelis' (heritage hotels) and Fortune, which caters to the mid-market segment."

The exercise was part of the company's strategy to gain dominance in the upmarket business traveller segment while establishing presence in the mid-market as well as leisure segments through the Fortune and Welcom Heritage brands, the sources added. A substantial financial outlay is envisaged with the support of holding company, ITC Limited, which has identified the hotel sector as one of its core businesses. ITC Ltd chairman Yogesh Chandra Deveshwar, who is also chairman of ITC Hotels, said, "After entering the hotel business 25 years ago, the company lost direction and ventured into financial services and edible oil businesses. As a result, we failed to make our presence felt in a number of regions of the country, including in several metros."

"We will now take up projects in metros and also in the southern part of the country. ITC Grand Maratha, our new hotel at Sahar in Mumbai, will open in the last quarter of 2000," he said. Work has started on two other projects - the ITC Sonar Bangla at Calcutta and ITC Grand Towers at Upper Worli. The Calcutta hotel would cost Rs 2.65 billion. The land for the project has already been acquired.

About Maharaja Heritage Resorts Limited, a joint venture with Marudhar Hotels, a company official said it was making steady progress with 16 properties operating under the Welcom Heritage banner. Sources said ITC would try to preserve historic buildings.

"Given the increasing popularity of the heritage experience, this branded hotel product has a bright future," sources said. They claimed that the company, with its balanced portfolio, was well placed to take advantage of the anticipated growth in travel and tourism.

-- (IANS)