IHCL SETS NEW GROWTH BENCHMARKS IN FY2024
Reaches portfolio of 300+ hotels ahead of market guidance ~ signs 52 hotels and opens 34 hotels. |
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IHCL SETS NEW GROWTH BENCHMARKS IN FY2024
Reaches portfolio of 300+ hotels ahead of market guidance ~ signs 52 hotels and opens 34 hotels. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2024-04-02
Indian Hotels Company (IHCL), India’s largest hospitality company, marks yet another year of accelerated portfolio expansion in FY 2024 with 52 signings and 34 openings.
Pacing ahead of its market guidance under Ahvaan 2025, IHCL achieves a portfolio of 300+ hotels including an industry leading pipeline of 90+ hotels.
Speaking on the occasion Ms. Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL stated, “With the pace of growth increasing year on year, FY 2024 set new benchmarks with 52 signings, one contract a week. Of this, our recent strategic alliance with Tree of Life resorts contributed 14 new hotels to the portfolio. This year we signed new projects in international locations like Dhaka, Bhutan, Nepal and Frankfurt. On the domestic front, key signings included large format hotels at International airports in New Delhi, Cochin and MOPA Goa as well as strengthened our leisure and spiritual portfolio across locations like Alibaug, Bekal, Naukuchiatal, Ayodhya and Haridwar.”
She added, “With India’s rising affluence and growing appetite for travel, IHCL will tap into emerging segments with newer offerings like upscale full-service hotels. Our next phase of growth will also be marked by harnessing our existing partnerships for multi hotel projects.”
Ms. Deepika Rao, Executive Vice President – Hotel Openings & New Businesses, IHCL added, “The onboarding of 14 Tree of Life resorts grew our presence in off-beat leisure destinations. The 20 new hotel openings saw IHCL strengthen its footprint significantly in the East and North East of India with destinations like Gangtok, Tawang, Bhubaneshwar, Durgapur and Kolkata. Additionally, the country’s premier lodging market of Mumbai saw the opening of two IHCL brands; a 371 key flagship Ginger and Taj The Trees.”
She added, “With a strong pipeline of 90+ hotels, the supply addition from IHCL is set to accelerate over the next few years continuing its leadership in the domestic market while foraying in select international markets.”
About The Indian Hotels Company Limited
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the most discerning travellers and ranked as India’s Strongest Brand 2023 as per Brand Finance; SeleQtions, a named collection of hotels; Vivanta, sophisticated upscale hotels; and Ginger, which is revolutionising the lean luxe segment.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel - The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 309 hotels including 91 under development globally across 4 continents, 13 countries and in over 130 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is listed on the BSE and NSE.
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