Indian Hotels Company rose 2.08% to Rs 120.45 after the company announced the signing of three Taj hotels - two in Kolkata, West Bengal and one in Patna, Bihar.
These new hotels are in partnership with Ambuja Neotia Group, who have already partnered with Indian Hotels Company, (IHCL), for two other hotels in the East - Taj Chia Kutir, Darjeeling, West Bengal and Taj Guras Kutir in Gangtok, Sikkim. These five projects will culminate to a total of 500 rooms.
Ambuja Neotia is one of the most prominent corporate houses headquartered in Kolkata with its forte in real estate and recent forays into hospitality, healthcare and education. The company has been responsible for landmark projects in and around Kolkata.
Commenting on the signing, Puneet Chhatwal, managing director and chief executive officer, IHCL, said, "We are very committed to the Eastern part of India as we believe that it has tremendous potential. With the announcement today, we are further strengthening our footprint in the region and building on IHCL's legacy in some of the most commercially and culturally important cities of the East. These signings also cement our relationship with the Ambuja Neotia Group."
The Taj hotel at Ambuja City Centre, Kolkata is strategically located in close proximity of the Biswa Bangla Convention Centre. The hotel, with 147 keys, has been in operation for over 10 years and is slated to undergo extensive refurbishments before it re-opens as a Taj hotel in 2021.
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The Taj hotel at Eco Park, located in New Town, is a 57-room hotel overlooking Eco Park's 112-acre water body. The resort hotel is slated to open in 2021.
The Taj hotel at Ambuja City Centre, Patna is located on Budh Marg in Lodipur. This will be the first branded luxury hotel to enter the city. The hotel will have 126 rooms and will open in December 2022.
IHCL is South Asia's largest hospitality company by market capitalization. It operates brands such as Taj, SeleQtions, Vivanta, and Ginger. IHCL has a portfolio of 207 hotels including 46 under development globally across 4 continents, 12 countries and in over 100 locations.
The company reported a consolidated net loss of Rs 230.01 crore in Q2 September 2020 as compared to a net profit of Rs 71.31 crore in Q2 September 2019. Net sales during the quarter declined by 74.5% YoY to Rs 256.67 crore.
On a year-to-date (YTD) basis, the stock has lost 16.97% while the benchmark S&P BSE Sensex gained 8.01% during the same period.
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