Promoted by Gujarat Industrial Investment Corporation and ITC, and incorporated as Gujarat Hotels Baroda in Aug.'82, Gujarat Hotels acquired its present name in 1985._x000D_ _x000D_ The company set up the first and only five star hotel Welcomgroup, Vadodara in 1986, with a capacity of 144 rooms. _x000D_ _x000D_ In 1992, the company jointly formulated a rehabilitation package alongwith the Government of Gujarat, and the financial institutions, since the company was incurring losses. In accordance to the rehablilitation package, the hotel was given on an Operating License to ITC from Oct.'92. After the full-implementation of the rehabilitation package, the company, in 1993-94, made a net profit for the first time._x000D_ _x000D_ As a part of its restructuring exercise, ITC assigned the Operating License agreement with the company to ITC Hotels with effect from Oct.'94. _x000D_ _x000D_