IHCL Unveils INR 5,000 Cr Expansion Plan, Targets 700 Hotels
Indian Hotels Company Ltd (IHCL), the parent company of the iconic Taj brand, has unveiled an ambitious expansion plan of INR 5,000 crore under its Accelerate 2030 strategy, doubling its portfolio from 350 hotels to 700 by the end of the decade. It is looking at upgrading existing properties and adding new properties in strategic locations. The company expects over 500 hotels to be operational by 2030 from the current 232, which would put its annual revenues at INR 30,000 crore. Some of the key drivers expected to include reimagined brands such as Gateway, Ginger, and Tree of Life that will grow from 95 operational properties to 275. Meanwhile, luxury brands like Taj, SeleQtions, and Vivanta expect the number of operational hotels to reach 225 by 2030.
Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL, ascribes this expansion to India’s rapid economic growth, massive infrastructure development, and increased affluence. IHCL aims to leverage management contracts that will comprise 57 percent of its inventory while minimizing reliance on debt at a time when the company is sitting on INR 2,000 crore of cash reserves. It will expand selectively overseas with Taj-branded properties in key cities like London, UAE, and Switzerland, focusing on Indian travelers and the diaspora. “The action is here,” Chhatwal said, pointing to India’s role as the primary growth engine. The company is on the cusp of a transformation period, ready to recast the hospitality industry in India while staying financially prudent.
Image Source: IHCL