Page 3 - Ihcl

In 2024, hospitality sector to tap opportunities in underserved Indian mkts

As per analysts' estimates, Chhatwal, who is also the Managing Director and CEO of Indian Hotels Company Ltd (IHCL), said the sector had clocked a 14 per cent growth in Revenue Per Available Room

A nod to the old and the new at iconic Taj Mansingh hotel in Delhi

The hotel has spent close to Rs 250 crores in renovation. These changes - a homage to the past while future proofing the hotel - have been made to cater to the evolving needs of patrons

In India, just asset-light model doesn't work: IHCL's Puneet Chhatwal

A combination of asset-light and asset-heavy is the right formula, driving absolute returns in its owned portfolio where the operating leverage is currently higher, he said

Indian Hotels Company Q2 results: Consolidated PAT rises 37% to Rs 167 cr

Indian Hotels Company Ltd on Friday said its consolidated profit after tax (PAT) rose 37 per cent to Rs 167 crore in the second quarter ended September 30, 2023. In the year-ago period, the PAT was Rs 121.56 crore. Total income from operations rose to Rs 1,480.87 crore in July-September period from Rs 1,257.57 crore in the corresponding quarter of 2022-23, it said in a BSE filing. Total expense too was higher at Rs 1,248.68 crore as compared to Rs 1,101.20 crore. "We opened 8 hotels and signed 17 more in the first half of the fiscal thereby maintaining an industry-leading pipeline of 82 hotels. India's economic momentum coupled with higher consumer spends augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year," Puneet Chhatwal, MD & CEO, IHCL, said. The company also informed about the acquisition of 2,59,000 equity shares of its subsidiary Piem Hotels held by New Vernon

Godrej Properties opens 'Taj The Trees' hotel at Vikhroli, Mumbai

Godrej Properties on Monday said it has opened 'Taj The Trees' hotel, comprising 155 keys, in Mumbai. The hotel is located at the company's mixed-use project 'The Trees' at Vikhroli. In a regulatory filing, Godrej Properties said the hotel is entirely owned by Godrej Properties and will be managed by the Indian Hotel Companies Ltd (IHCL) as a luxury Taj hotel. Spread across 0.35 million square feet, Taj The Trees offers 151 spacious rooms. Pirojsha Godrej, Executive Chairperson, Godrej Properties, said We are happy to open our first hotel, Taj The Trees, in partnership with the Tata Group. "This collaboration showcasing Godrej Properties' development expertise and IHCL's excellence in hospitality marks a significant milestone in our journey, as we aim to deliver quality and sustainable luxury in a green, connected, and vibrant neighbourhood". Godrej Properties is one of the leading real estate developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan R

Abu Dhabi-based IHC increases stake in Adani Enterprises to over 5%

Days after selling its stake in two of Adani group companies, Abu Dhabi conglomerate International Holding Company (IHC) on Tuesday said it has raised stake in the group's flagship Adani Enterprises Ltd to above 5 per cent. In a filing to Abu Dhabi stock exchange, IHC said, "This strategic increase reflects IHC's conviction in the world leading incubation model of AEL." Stating it has increased its stake in AEL to above 5 per cent, it said it believes that "the inherent strength of airports, data centres, green hydrogen, and various other verticals being incubated under AEL and that AEL is poised to uniquely capitalise on India's robust growth journey." "IHC continues to explore unique investment opportunities in India with the goal to maximise stakeholders' return," it added. Last week, IHC had stated that as part of a "portfolio rebalancing strategy" it will sell its 1.26 per cent stake in Adani Green Energy Ltd and 1.41 per cent stake in Adani Energy Solutions.

IHCL opens resort in Sikkim; to set 11 hotels in NE, 3 under development

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Monday announced that it has expanded its footprint in Sikkim with the opening of a resort in state capital Gangtok. The 69-key resort, spread over 14 acres of land, is a serene hide-out and is a blend of Sikkimese aesthetics and contemporary design, the company said in a statement. Sikkim Chief Minister Prem Singh Tamang attended the opening of the resort. "The launch of Taj Guras Kutir Resort & Spa in Gangtok demonstrates our commitment to the commercial and tourism potential of the region. After Pakyong, the presence in Gangtok strengthens our footprint in the state and offers a new travel circuit," IHCL MD and CEO Puneet Chhatwal said. Nestled in the alpine landscape of Sikkim, the resort is set amidst lush greenery and offers panoramic views of the Kanchenjunga, the statement said. With the addition of the new facility, IHCL will have 11 hotels with three under development in Northeast India. This includes three

IHCL Q1FY24 results: Net profit at Rs 188.21 cr; revenue up by 16.9%

The total income for Q1FY24 came in at Rs 934.94 crore, compared to Rs 788.04 crore year-on-year

IHCL partners with Tata Strive to set up skill centre in Rajasthan

Indian Hotels Company (IHCL) on Thursday said it has partnered with Tata Strive, a skill development initiative of Tata Trust, to set up a hospitality-focused skill centre at Umaid Bhawan Palace in Jodhpur, Rajasthan. "Rajasthan has a very strong growth potential in the tourism sector. We are delighted to partner with Tata Strive for the skill centre in Jodhpur, which will offer skill-building programmes to youth and also contribute to the overall growth of the industry, IHCL Executive Vice President - Human Resources Gaurav Pokhariyal said. The first batch with 20 students is being trained in a 4-month food and beverage course, whose module is designed by IHCL as a knowledge partner and is aligned to National Skill Development Corporation with Tata Strive as an implementation partner. This collaboration represents a significant step in IHCL's mission to contribute to the skill development and upliftment of individuals from economically weaker backgrounds, the statement added.

Tata Group awards generous pay hikes of 16-60% to its top officials

This comes at a time when the board of Tata Sons has acknowledged the group's highest growth in its history

IHCL signs its first hotel in Kumbalgarh under the SeleQtions brand

We are delighted to partner with Kumbalgarh Yatri Niwas Pvt Ltd for this hotel, said Suma Venkatesh

Indian Hotels gains 3% to hit record high on healthy business outlook

In the past one year, IHCL has outperformed the market as shares zoomed past 75 per cent, as against a 15 per cent rise in the S&P BSE Sensex

IHCL partners Chalet Airport Hotel to open 400-key Taj at IGI Airport's T3

Indian Hotels Company Ltd (IHCL) on Tuesday announced the signing of a 400-key Taj branded hotel at Indira Gandhi International Airport's Terminal 3 in New Delhi in partnership with Chalet Airport Hotel. The 400-key hotel will be situated adjacent to the Indira Gandhi International Airport's Terminal 3, an integrated terminal used for both international and domestic flights in New Delhi, and is in proximity to Aero City, IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said in a statement. "The world-class Taj branded hotel at one of the busiest airports in Asia will be a significant addition to our portfolio in the National Capital Region (NCR). With this addition the Taj brand is now present in the country's largest airports - Delhi, Mumbai and Bengaluru, Chhatwal added. "It was a well thought out decision to choose the 'Taj' brand for this marque asset. We look forward to a grand opening of the Taj at the New Delhi Airport in a couple of years, Chalet Hotels ...

IHCL net profit rises four-fold to Rs 339 crore in Q4, total income jumps

Hospitality major IHCL on Thursday reported a four-fold rise in its consolidated net profit in the fourth quarter ended March at Rs 338.84 crore, as against Rs 71.57 crore a year-ago. During the entire financial year of 2022-23, the company swung into a profit of Rs 1,052.83 crore, from a loss of Rs 264.97 crore in the preceding fiscal, IHCL said. It's total income during the fourth quarter rose to Rs 1,654.54 crore, as against Rs 954.88 crore in the previous year. Puneet Chhatwal, Managing Director & CEO, IHCL, told PTI that one of the main reasons the sector is doing well is that demand is outbasing supply as not many hotels have been built in the last three years. Talking about the outlook for the hospitality sector, Chhatwal said it remains strong. He added that G20 and cricket world cup will drive demand in the coming months. "We are very hopeful and optimistic about foreign tourist arrivals going back to pre-Covid levels in the second half of the year," Chhatwal said. "IHC

IHCL inks 2nd Taj in Kerala's Kochi; brand clocks 100 hotels in India

Indian Hotels Company (IHCL) on Tuesday announced that it has signed its second Taj Hotel in Kochi, Kerala. The Taj brand, which was established in 1903, has clocked a century with the addition of this 211-key property, IHCL said in a statement. "This is a momentous occasion as Taj's portfolio will offer 100 hotels across India and in key international destinations. "This growth is a testament to the unwavering trust our stakeholders have consistently placed in us," IHCL Managing Director and CEO Puneet Chhatwal said. With this, IHCL will have 17 hotels across Taj, SeleQtions, Vivanta and Ginger brands across Kerala, including five under development.

Indian Hotels well poised to achieve vision of 300 hotels by 2025

India's largest hospitality company Indian Hotels Company Ltd on Monday said it is well poised to achieve its vision of 300 hotels by 2025, from the current portfolio of 260 hotels. Indian Hotels Company Ltd (IHCL) said it accelerated portfolio expansion in FY 2022-23 which ended in March, with the signing of 36 new hotels and the opening of 16 new hotels, in the past year. The current pipeline stands at 73 hotels. "With its current portfolio of 260 hotels, IHCL remains well poised to achieve its vision of 300 hotels by 2025," the company stated. According to IHCL, with eight new hotel signings, the iconic brand Taj is slated to reach the 100-hotel milestone from 98 hotels currently. Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL, stated, "IHCL has witnessed a tremendous year of growth with unprecedented momentum of portfolio expansion. We signed a record 36 hotels in this financial year taking our portfolio to 260 properties. "With this growth our managed ...

Some of the world's richest people exposed to Adani rout, market turmoil

Upheaval gripping AEL may expose billionaires, including Wilmar International, controlled by family of the richest person of Malaysia and world's second-richest Walton family, to the market turmoil

Indian Hotels Company Q3 net profit rises over four-fold to Rs 403 cr

Total expenses were higher at Rs 1,248.62 crore in the third quarter, up from Rs 1,014.23 crore a year ago

At 100 in 3 years, IHCL arm eyes 500 luxury homestays by FY 2026

Of the 61 operational properties which are all managed assets, around 21 properties are Tata company homes or bungalows

A gastronomic journey through the North far removed from convention

Loya, the latest offering by Indian Hotels at Taj Palace, New Delhi, offers a confluence of flavours from the foothills of Himalayas, the fields of Punjab, the Gangetic plains, and snow-laden Kashmir