ITC Hotels on Friday announced that it has received an allotment of leasehold land from the India International Convention and Exhibition Centre Limited (IICC), a Government of India enterprise, for the development and operation of a hotel at Yashobhoomi in Dwarka, New Delhi.

According to an exchange filing, the lease period is 91 years, at a premium of Rs 326.5 crore. The land measures a ground coverage of 3,648 square metres, with a permissible floor area ratio of 26,179 square metres, it added.

“The land is intended for the development and operation of a premium five-star hotel, complemented by contemporary banqueting facilities and signature cuisine offerings,” a release from the company stated.

“The hotel is poised to play a pivotal role in further enhancing Yashobhoomi’s stature as an international destination for conventions, conferences, exhibitions and marquee events,” it added.

The group currently operates 10 properties and 1,599 keys across various brands, including ITC Hotels, Welcomhotel and Fortune, in the Delhi-NCR region.

“Yashobhoomi is a game changer for the MICE (meetings, incentives, conferences, and exhibitions) industry. It has already hosted several trade shows and big conventions,” Anil Chadha, managing director, ITC Hotels, stated in the release.

“ITCHL shall leave no stone unturned to create one of the finest hospitality offerings through the proposed hotel that will showcase our culinary and service excellence to global guests,” Chadha added.