The hospitality industry in India is experiencing rapid growth, with Indian Hotels Company Limited (IHCL) expanding its portfolio through 85 new hotel signings and the opening of 40 properties in 2024. This expansion brings IHCL’s total portfolio to 360 hotels, with 123 more in its development pipeline. The company’s shares were trading slightly lower on the NSE today, indicating a minor market fluctuation.
IHCL’s luxury Taj brand led the expansion efforts with 19 new signings, reaching a total of 125 properties. The company also made strategic moves to strengthen its market position, including acquiring a majority stake in the Tree of Life brand and securing a brand license agreement for The Claridges in New Delhi.
A significant highlight of IHCL’s expansion in 2024 was the focus on a capital-light model, with 75% of the new signings following this approach. This strategy aligns with the company’s Accelerate 2030 plan, which aims to reach a portfolio of 700 hotels in the future. The growth spanned across various locations, including metros, pilgrimage sites, leisure destinations in India, and international markets.
Notable openings in 2024 included a Taj resort in Puri, a SeleQtions property in Tirupati, and new properties in Munnar, Mahabaleshwar, Jaisalmer, Goa, and Gangtok. IHCL also expanded its presence at Cochin International Airport with a new Taj hotel.
The budget-friendly Ginger brand also played a significant role in IHCL’s expansion, with 10 new hotels launched during the year. Overall, IHCL’s strategic growth initiatives and focus on different market segments position it well for future success in the competitive hospitality industry.