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Hospitality refers to the relationship process between a guest and a host, and it
also refers to the act or practice of being hospitable, that is, the reception and
entertainment of guests, visitors, or strangers, with liberality and goodwill.
Hospitality frequently refers to the hospitality industry jobs for hotels, restaurants,
casinos, catering, resorts, clubs and any other service position that deals with
tourists.
Hospitality is also known as the act of generously providing care and kindness to
whoever is in need.
The word hospitality derives from the Latin hospes, which is formed from hostis,
which originally meant a 'stranger' and came to take on the meaning of the
enemy or 'hostile stranger' (hostilis) + pets (polis, poles, potentia) to have power.
Furthermore, the word hostire means equilize/compensate. Hospitality as a
cultural norm or value is an established sociological phenomenon that people
study and write papers about (see references, and Hospitality ethics). Some
regions have become stereotyped as exhibiting a particular style of hospitality.
Examples include:
• Minnesota nice
• Southern hospitality
The hospitality industry is a 3.5 trillion dollar service sector within the global
economy. It is an umbrella term for a broad variety of service industries including,
but not limited to, hotels, food service, casinos, and tourism. The hospitality
industry is very diverse and global. The industry is cyclical; dictated by the
fluctuations that occur with an economy every year.
OVERVIEW OF COMPANY
The ITC Maurya, New Delhi has been the preferred residence of visiting heads of
state and global business leaders for over 25 years. This extraordinary hotel
combines an historic aura with contemporary facilities to create an unrivalled
luxury hotel experience.
One of the most popular dining destinations in the city, ITC Maurya, New Delhi
additionally offers an assortment of internationally acclaimed cuisine.
HISTORY OF ITC
ITC was incorporated on August 24, 1910 under the name of 'Imperial Tobacco
Company of India Limited'. Its beginnings were humble. A leased office on Radha
Bazar Lane, Kolkata, was the centre of the Company's existence. The Company
celebrated its 16th birthday on August 24, 1926, by purchasing the plot of land
situated at 37, Chowringhee, (now renamed J.L. Nehru Road) Kolkata’s, for the
sum of Rs 310,000. This decision of the Company was historic in more ways
than one. It was to mark the beginning of a long and eventful journey into India's
future. The Company's headquarter building, 'Virginia House', which came up on
that plot of land two years later, would go on to become one of Kolkata's most
venerated landmarks.
The first and probably the most important break through was the
conferring of 'Export House Status' for Tourism and Hospitality Industry. A
series of interactive meetings were organized with the concerned
Ministeries of the Government of India. A high level conclave presided by
none other than Shri Ramakrishna Hegde, the then Hon'ble Minister of
Commerce himself, cleared the decks for getting the official seal of
approval for the action plan that was blue-printed by HAI. This recognition
placed hotels and tourism units at par with industries engaged in export of
products for the purpose of imports of projects and products against their
foreign exchange earnings.This landmark achievement resulted in Indian
Hotels acquiring the ability to provide world class facilities to their clients
and compete with hotels worldwide.
HAI sought the intervention of the High Court of Delhi by filing a writ
against an arbitrary and adhoc administrative directive requiring the hotels
in the approved categories, classified by the Ministry of Tourism to follow a
regime of 'Single Tariff'. The industry perspective, presented by HAI was
accepted by the High Court of Delhi which granted a stay in favour of the
hotel industry.This vindicated the industry's system of operation across the
country in a matter of great importance not only to the hotels but also to
the domestic and international travelers staying in hotels.
The Punjab Excise Act, passed in 1914 during the British rule in India
contained an archaic and anti-women provision that prohibited the
employment of women in duly licenced premises i.e. bars and restaurants
in hotels. HAI challenged the validity of this legislation before the Hon'ble
High Court, declaring it to be ultra vires under article 226 of the
constitution of India.The 92 year old legal section 30 of the Act was struck
down by the Delhi High Court. HAI thereby achieved a singular judicial
success in providing women equal opportunities for work in hotels across
the country.
An initiative led by HAI resulted in the Afro Asian Region’ and Conference
cum Exposition on Information Technology being institutionalized as an
‘annual event’ in New Delhi for the South Asian Region countries. The first
conference organized from 10/11 April 2000 at the ITC Maurya Sheraton
Hotel, was supported by United Nations Economic and Social Commission
for Asia & the Pacific & the SAARC Tourism Council. Support was also
extended by the Ministries of Tourism and Information Technology,
Government of India who Co-sponsored the event.
Hotel Association of India has not limited itself to the Tourism Industry
alone. It has also developed working relationships with apex industry
bodies of the country. It liases with Federation of Indian Chamber of
Commerce and Industry (FICCI), Associated Chamber of Commerce and
Industry of India (ASSOCHAM) and the Confederation of Indian Industry
(CII).
12. MAKING INDIAN HOTELS DISABLED FRIENDLY
In the wake of a fairly good performance in the fiscal year to date, fresh
investments can be contemplated in the ITC stock with a long-term perspective.
But there may be a downside in the near-term, especially in the first quarter of
the next year coinciding with the Budget blues.
ITC would be spending Rs 5,000 crore in the next four to five years on hotel
projects. With 75 hotels (5,500 rooms) under the chain, ITC is expecting to add
another 27 properties (3,000 rooms) under its management in the coming years.
With a turnover of almost Rs 15,000 crore ($3.5 billion), the Kolkata based
company also has interest in packaged food, paper, retail, and agarbattis.
The Business Guide to the World Trading System provides a practical, business-
oriented overview of the WTO agreements, and is accessible to readers. Now in
its second edition, it has been expanded to incorporate recent developments,
including a new section that focuses on six new WTO areas of work:
environment; investment; competition policy; government procurement; and e-
commerce facilitation. Trade Secrets provides answers to the top questions that
first time exporters need-to-know. Building on international research,
development and guidance from ITC, the Romanian Foreign Trade Centre
carried out national research to adapt the questions and answers specifically to
Romania. Secrets of E-commerce provides questions and answers to frequently
asked questions related to e-trade and Internet use by small and medium-sized
exporters.
92 year old anti-women law struk down
Issues represented by HAI to the Government of India and Milestones
achieved as reflected in union budget 2003-2004
Adopting Technology Base
Stretching beyond the frontier
Pioneers adoption of Global Code of Conduct
Towards quality service
Strengthening our cause
Better incentives
PERFORMANCE:
The company's earnings performance for the year ended March 2002 was not
impressive. Sales revenues during the period fell 16 per cent to Rs 112.08 crore
over the corresponding previous period. Given the tight economic conditions and
the post-September 11 developments, this was more or less expected. Hoteliers
were hit this year by the drop in tourist travel.
For instance, during April to February 2002, tourist arrivals dropped 2 per cent
and earnings from tourists 10 per cent.
This was mainly on account of the security risk posed by travelling to South Asia
after the act of terrorism in the US on September 11 followed by the start of the
war in Afghanistan.
This came at a time when confidence was slowly building and tourists were
expected to arrive during the Christmas holidays.
But the threat of an outbreak of war and sporadic incidents of terrorism and
communal violence kept security risk high. Eventually, as expected, tourism
declined.
Further, with economic conditions the world over also being tight, business travel
did not lend a helping hand. It is also evident from the numbers that the
company's operational risk profile is on the rise.
Operating profits were down 65 per cent over the previous year and operating
margins declined by around 11 percentage points to 7.76 per cent. These
numbers indicate that the scope for boosting profitability purely on the basis of
cost control may be limited.
At the end of the year, the company has moved into the red. It posted a loss of
Rs 3.12 crore compared to a profit of Rs 10.87 crore the previous year.
The first half of the financial year is normally not very good for hoteliers.
In this backdrop, only investors with a penchant for risk need consider an
investment. Given the uncertainties, an exit price of around 25-30 per cent from
the entry price can be considered.
FINANCIAL STATUS
The Company’s pre-tax profit for the quarter ended 31st December 2006
recorded a growth of 26% over last year and crossed the Rs.1000 crore mark.
Post-tax profit at Rs. 717.4 crores grew by 23.2%. Earnings Per Share for the
quarter stood at Rs. 1.91.
The sops given in the Budget to hotels and tourism will also favour ITC. It has 20
per cent of its capital employed invested in hotels and also holds a 71 per cent
stake in ITC Hotels. Earnings of hotels have been badly hit in the last 12 months,
affecting ITC.
ITC's hotels division outperformed most of its peers in the hospitality industry in
FY-06, registering a 35 per cent revenue growth; its earnings also registered a
significant rise. Though revenues and earnings from this division are only
marginal, there appears to be a lot of potential for growth. ITC has firmed up
plans to expand its hospitality business by setting up hotels in Chennai and
Bangalore. ITC Hotels Limited, has undertaken a re-branding exercise to enable
consumers identify the various products offered by the company. To further focus
the positioning strategy, hotels in the ITC-Welcomgroup chain at the upper end of
the market would be branded into four categories.
MAJOR COMPETITORS
• TAJ GROUP OF HOTELS
• HILTON HOTELS
• RADISONS
• BAUER PALLADIO HOTEL AND SPA
• BOSCOLO DEI DOGI HOTEL
• APEEJAY SURENDRA GROUP
• PARK HOTEL
• HOTEL PRESIDENCY
• HOTEL LE LODGE
• HOTEL MERIDIEN
Future Plans
As part of its growth plans, construction of two more business hotels, one at
Mumbai and one at Kolkata, has already commenced. When they open, the
Grand Towers at Mumbai and the ITC Hotel Sonar Bangla at Kolkata will add
500 more rooms to the ITC - Welcomgroup chain. The 400-room ITC Hotel
Grand Maratha which opened for guests in February 2001 is being perceived as
the finest property in Mumbai. The company has planned investments to
augment the total room capacity of the chain by building hotels at Kolkata,
Jaisalmer and other locations. It has added 80 rooms to ITC Maurya Sheraton,
Delhi. It has opened up a new Hotel Welcome in Saket with a capacity of 220
rooms. Other projects at Bangalore and Hyderabad are in pipeline. It is also
looking at Chennai seriously. The company is planning to invest Rs15bn in the
next three years starting FY02. The investment in Mumbai and Kolkata is
expected to be Rs5bn (Rs2.5bn in each project). The company's strategy at
present is to concentrate on India and after expanding in all major locations of
India, it will look at the international market. Similar projects such as the
Hyderabad golf project are not likely to happen in the near future.
The expected growth of Indian economy is the wake of continuing reforms will
lead to increase business travel in the India. Itc is well praised to seize the
unfolding opportunities.
The consolidated ITC is not much larger than the cigarette company -- the total
sales of the group is Rs 8,600 crore against ITC's Rs 7,950 crore. ITC's paper
and hotels businesses are small while it is yet to take up real-estate development
on any significant scale. The contribution of cigarettes to the total group revenues
continues to be a significant 80 per cent.
http://www.hinduonnet.com/businessline/iw/2000/10/29/stories/0229b103.htm
http://www.itcportal.com/the_itc_profile/history_evolution.html
http://www.thehindubusinessline.com/2007/04/13/stories/2007041304710200.htm
http://www.indianexpress.com/res/web/pIe/ie/daily/19980813/22550664.html
http://www.intracen.org/docman/PRSR1530.htm
http://www.hotelassociationofindia.com/milestones.htm
http://www.thehindubusinessline.com/iw/2002/05/12/stories/2002051200240800.htm
http://www.itcportal.com/newsroom/press_releases_31jan07.htm
http://en.wikipedia.org/wiki/Hospitality
http://www.thehindubusinessline.com/iw/2006/06/11/stories/2006061101150900.htm
http://www.thehindubusinessline.com/iw/2003/03/09/stories/2003030900310900.htm
http://www.hotelassociationofindia.com/hai_activities.htm
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