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Tata Sons IHCL
The country's biggest hospitality player Indian Hotels Company Limited (IHCL) is looking at forging strategic acquisitions to expand its presence in existing markets and enter select destinations in Europe and Southeast Asia, CEO and MD Puneet Chhatwal said. In an interview to PTI, he shared that the Tata Group-owned firm will not acquire more physical assets for its marquee brand the Taj and instead, opt for an operating contract arrangement. Large hospitality firms typically have a mix of owned as well as managed or operated properties in their portfolio. IHCL uses the terminology of asset light and asset heavy, with the latter denoting a physical asset it owns. As part of its 'Accelerate 2030' strategy unveiled earlier, IHCL has set a target of over 700 hotels in its portfolio by 2030. Asked if IHCL was looking at expansion in key markets globally and entering new markets via more strategic acquisitions, Chhatwal said, "Absolutely, we would be looking at it because we are a ...
Tata group hospitality major Indian Hotels Company Ltd plans to add 4,500 rooms through over 30 new properties in the next fiscal as part of its ongoing expansion of having over 700 properties by 2030, its Managing Director and CEO Puneet Chhatwal said on Friday. The company, which introduced its new 'Claridges Collection' on Friday, plans to have over 20 properties by 2030 under the new boutique luxury hotels brand starting with the Claridges New Delhi; Connemera, Chennai; and Blue Diamond, Pune, Chhatwal told PTI here. "We opened 25 hotels in this year, and the next financial year it will be north of 30...We used to say, (we would open) two hotels a month...Now we are getting close to between 2.5 to 3 hotels a month. This is where we will be (in the next financial year) with 2.5 being the minimum (per month)," he said when asked about the company's expansion plans for 2025-26. On the number of rooms to be added through the new properties in FY26, Chhatwal said it could be around .
The Tata Group-run Indian Hotels Company on Monday announced a Rs 2,500 crore investment to develop a new 330-room property in Mumbai. Construction of the new property, "Taj Bandstand," is set to begin this year and is expected to take over three years to complete, IHCL's Managing Director and Chief Executive Puneet Chhatwal said. The facility will create direct employment for 1,000 people, while the indirect ones like cab drivers etc will take the overall employment to over 7,000. The new property is coming up on a two-acre land parcel that once housed the Sea Rock Hotel, which was one of the sites bombed in 1993 serial blasts. IHCL bought the property for Rs 680 crore and demolished the structure completely. Chhatwal said the investment includes the cost of land and added that all necessary permissions for the development have been obtained, except for a few minor ones. A groundbreaking ceremony for the new hotel was held on Monday in the presence of Maharashtra's Chief Minister
Indian Hotels Company Ltd on Thursday reported a more than three-fold rise in its consolidated net profit to Rs 582.71 crore for the second quarter of 2024-25, helped by exceptional gains from the consolidation of its air and institutional catering business segment TajSATS. The country's largest hospitality firm had registered a net profit of Rs 178.97 crore in the year-ago period, according to a regulatory filing. Its revenue from operations increased to Rs 1,826.12 crore in the June-September quarter from Rs 1,433.20 crore in the corresponding quarter of the last financial year. However, during the period under review, IHCL's expenses also rose to Rs 1,502.01 crore, as against Rs 1,248.68 crore a year ago. Puneet Chhatwal, Managing Director & CEO, IHCL, said, "The second quarter witnessed a strong revival of demand resulting in overall revenue growth of 28 per cent and 16 per cent growth for the hotel segment, marking the best ever Q2 Consolidated EBITDA margin at 29.9 per ...
Tata group hospitality firm Indian Hotels Company Ltd is looking to strengthen its leadership position in spiritual tourism, developing properties in noted locations in India with spirituality expected to play a more significant role globally, according to a top company official. The company currently has 66 hotels either operational or under development at spiritual destinations, including the latest hotspot Ayodhya, and will continue to grow the portfolio. "I think spiritual destination and spirituality is going to play a more significant role across the globe. Not just for us, but generally for the world population, a very important role and I'm glad to say that we are at the forefront of it," company Managing Director & CEO Puneet Chhatwal told PTI. On why the company sees a huge opportunity in the segment, Chhatwal said, "spiritual destinations are a safer bet because people in good or in bad times go to get the blessings of the Lord, whether it's any kind of good, bad, sad ..