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Indian Hotels Company Ltd — which operates through a clutch of brands including the luxury Taj, Vivanta, Gateway, Ginger among others — expects its international properties to turn the corner by next year as it develops new projects in South Africa, the US, Europe and West Asia.
The Managing Director and CEO of IHCL, Mr Raymond N. Bickson, said the 110-year-old IHCL, amongst the longest serving hospitality chains, has seen different cycles. It has witnessed unprecedented growth in the last 10 years and expects to sustain this over the next decade too. “We expect to add one property every three weeks,” he said
Travel and living
Interacting with newspersons after the launch of Vivanta brand in Hyderabad, Mr Bickson said, “We have grown from 62 hotels in 2003 to 119 hotels and continue to expand business within the country and abroad. The number of international tourists has gone past the six million-mark and domestic travellers are increasing with affordability levels going up.”
Across brands, IHCL is adding properties. In fact, Gateway alone would see the addition of about 12 properties and Vivanta another 12.
Slowdown effect
Mr Anil P. Goel, Executive Director-Finance, IHCL, said “the international properties continue to be stressed due to prolonged slowdown. However, we expect these properties to take 18 months to turn around. The projects in the US in particular located at San Francisco, New York and Austin are stressed. But the one at London is doing extremely well due to the build-up to the Olympics.”
“Significantly, as we add new properties in the US, we would be able to do much better,” Mr Goel said.
The performance of second and third quarter during the current year was relatively subdued. But the fourth quarter and also the next year are expected to be much better, Mr Goel said.
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