Indian Hotels Company Ltd (IHCL) signed 52 hotels in FY24, nearly triple of what it signed in FY22 accelerating its pace of expansion.
IHCL also opened 34 hotels in this fiscal achieving its 300 plus hotels target under Ahvaan 2025 ahead of schedule, the company announced today.
FY24 saw the highest ever hotel signings by IHCL which operates luxury properties under the Taj brand. In FY22 and FY23 IHCL had signed up 19 and 36 hotels respectively. The development comes on the back of strong domestic demand resulting in an increase in average room rates and improved profitability for owners.
As of now IHCL has 309 properties which include 218 operational hotels and 91 others in pipeline.
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Expansion plans
"With India’s rising affluence and growing appetite for travel, IHCL will tap into emerging segments with newer offerings like upscale full-service hotels. Our next phase of growth will also be marked by harnessing our existing partnerships for multi hotel projects," said Suma Venkatesh, IHCL's Executive Vice President- real estate and development.
The 52 signed properties hotels in international locations (South Asia and Frankfurt) and at airports in Delhi, Kochi and Goa.
"With a strong pipeline of 90+ hotels, the supply addition from IHCL is set to accelerate over the next few years continuing its leadership in the domestic market while foraying in select international markets," said Deepika Rao, Executive Vice President – hotel openings and new businesses.
In May 2022 IHCL outlined its three year plan under Ahvaan 2025 to expand portfolio to 300 plus hotels, cut down net debt to zero among others.