"ITC Hotels secures land at Yashobhoomi to expand its luxury portfolio with a new five-star hotel."

ITC Hotels recently said it has received an allotment of leasehold land from the India International Convention and Exhibition Centre (IICEC) for the development and operation of a five-star hotel at Yashobhoomi in Dwarka, New Delhi.

In a regulatory filing, the hospitality major said the land, with a ground coverage of about 3,648 square metres, has been leased for a period of 91 years. The total lease premium payable for the allotment is ₹326.50 crore.

The company said a sub-lease-cum-development agreement will be executed between IICEC, a Government of India enterprise, and ITC Hotels for the project.