IHCL aims to open more than 1 hotel every month in FY21

Tata group hospitality arm Indian Hotels Company Ltd (IHCL) on Monday said it aims to open more than one hotel every month in FY2020-21 as part of its expansion drive.

The company has reached a milestone of 200 hotels with an inventory of over 25,000 rooms in over 100 locations, IHCL said in a statement.

"We have executed on our Aspiration 2022 vision and driven strong operational performance with significant improvement across all key financial metrics like profitability, cash-flows, EBITDA margins and debt ratios in the current fiscal," IHCL MD and CEO Puneet Chhatwal said.

This year continues the transformation of IHCL from a hotel company to a multi-brand hospitality eco-system player, he added.

"Our re-imagined brandscape with a unique experience and a sustainable value proposition for each hotel brand is resonating with our customers and partners. We signed 50 new hotels in the last two years and this growth momentum has helped us reach a portfolio milestone of 200 hotels," Chhatwal said.

IHCL will continue to focus on capturing emerging opportunities across the hospitality industry landscape, thereby creating significant value for all its stakeholders, he added.

The company has achieved consistent margin expansion for eight consecutive quarters, IHCL said.

It continues to make significant progress in respect to the key pillars of the Aspiration 2022 strategy: re-engineer, re-structure and re-imagine, it added.

Shares of Indian Hotels Company Ltd closed at Rs 137.90 on BSE, down 1.50 per cent from the previous close.