With ITC's 30-year relationship with the Sheraton brand of Starwood Hotels & Resorts expiring in two months, both the companies are firming up their own plans for the future, Business Standard reports ITC Chairman Y. C. Deveshwar as saying on the sidelines of the Confederation of Indian Industry (CII) annual meeting.

On whether ITC was open to other options, Deveshwar said the company would make an announcement at an appropriate time. Ten ITC-Welcomgroup hotels are being marketed worldwide by the Sheraton Corporation.

ITC entered the business with the Sheraton tie-up in 1975. The first hotel was in Chennai, a property acquired by ITC and rechristened Welcomgroup Chola Sheraton. The market buzz is that the agreement between ITC and Sheraton could be renewed without the exclusivity clause which would give both the entities the option of expanding independently or in partnership with other brands.

Starwood plans to launch its Sheraton, Westin, W Hotel and St Regis brands across major metros and cities in India . The Le Meridien brand, recently acquired by Starwood, will be expanded to 15 from the present eight by 2010.