In FY24, the Indian Hotels Company Ltd (IHCL) inked deals for 52 hotels, almost tripling its signings from FY22 and boosting its expansion rate.
The company announced that IHCL has opened 34 hotels this fiscal year, surpassing its 300-plus hotels target set under Ahvaan 2025 ahead of schedule.
During FY24, IHCL, known for its luxury properties under the Taj brand, achieved its highest-ever hotel signings. In contrast, it signed 19 and 36 hotels in FY22 and FY23 respectively. This surge in signings is attributed to robust domestic demand, leading to higher average room rates and enhanced profitability for owners.
With 218 hotels now in operation and 91 more under development, IHCL currently has 309 properties under its belt.
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“With India’s increasing prosperity and growing desire for travel, IHCL will target burgeoning segments with innovative offerings such as upscale full-service hotels.” Our next phase of growth will also include leveraging our existing alliances for multi-hotel projects,” said Suma Venkatesh, IHCL’s Executive Vice President of Real Estate & Development.
The 52 signed properties include hotels in foreign locations like South Asia and Frankfurt, as well as airports in Delhi, Kochi, and Goa.
“With a robust pipeline of over 90 hotels, IHCL’s supply growth is poised to accelerate in the coming years, maintaining its leadership in the domestic market while venturing into selected international markets,” said Deepika Rao, Executive Vice President of Hotel Openings and New Businesses.
In May 2022, IHCL unveiled its three-year plan, Ahvaan 2025, aiming to expand its portfolio to over 300 hotels and eliminate net debt, among other objectives.
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