Indian Hotels Company Limited achieves 200-hotel portfolio
The hospitality company recently shared key updates on its five year business strategy
Sharing its performance over the last five years as its capital market day, the group announced it currently has an inventory of more than 25,000 keys in more than 100 locations.
In the past two years, IHCL has signed 50 hotels and opened 12 hotels in the previous 11 months, equating to one hotel a month during FY 2019-20.
As part of its business strategy, dubbed the Aspiration 2020, the group increased its number of management contracts in the last two years from 32% of its portfolio to 43%.
FY 2020 will see the opening of one or more hotels a month and some of the locations include Delhi, Trivandrum, Darjeeling, Shillong, Gangtok, Ahmedabad, Navi Mumbai, Kalinganagar, Bhubaneswar and Wayanad. Among the most ambitious plans are the 371-room Ginger flagship property in Santacruz, Mumbai and the 500-room Taj Hotel & Conference Centre in Goa.
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. 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.”
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. We will continue to focus on capturing emerging opportunities across the hospitality industry landscape, thereby creating significant value for all our stakeholders.”
Here in the emirate of Dubai, ICHL’s Taj Jumeirah Lake Towers opened its doors at the end of 2019. The luxury property is said to be the first of its kind in JLT and comprises 200 rooms.