TATA GROUP-OWNED INDIAN Hotels Co. Ltd. added 85 hotel signings and opened 40 properties in 2024, growing its portfolio to 360 hotels with 123 more in the pipeline. The Taj brand added 19 new signings, expanding to 125 properties.
IHCL expanded its market position by acquiring a majority stake in Tree of Life and securing a brand license for The Claridges, New Delhi, the company said in a statement.
“This record growth performance is attributed to the continued expansion of the brandscape,” said Suma Venkatesh, IHCL’s executive vice president for real estate and development. “IHCL launched the reimagined Gateway, acquired a majority shareholding in Tree of Life, adding a boutique leisure offering, and entered into a brand license agreement for The Claridges, commencing with the management of the brand’s landmark hotel in New Delhi, extending IHCL’s luxury portfolio.”
“In line with IHCL’s Accelerate 2030 strategy, growth remains focused on capital-light initiatives, accounting for 75 percent of the year’s signings,” she said.
IHCL targets a 700-hotel portfolio under its Accelerate 2030 strategy.
Notable 2024 openings included a 90-room Taj resort in Puri, a 118-key SeleQtions property in Tirupati, and new hotels in Munnar, Mahabaleshwar, Jaisalmer, Goa, and Gangtok, the statement said. The Ginger brand added 10 new hotels, along with a new Taj hotel at Cochin International Airport.
“With the recent opening of a Taj at Cochin International Airport, a joint development with CIAL, Taj has expanded its presence at prominent airports, including Mumbai and Bengaluru, with a Taj at New Delhi airport also forthcoming,” said Deepika Rao, IHCL’s executive vice president for hotel openings and new businesses.
IHCL, India’s largest hospitality company by market capitalization, reported consolidated sales of approximately $226.83 million for the quarter ending September 30, reflecting an 18.41 percent increase from $191.56 million in the previous quarter and a 27.64 percent rise from $177.70 million in the same quarter last year. The net profit for the latest quarter was approximately $66.55 million, marking a 232.24 percent surge compared to the corresponding period last year.
The company aims to double its portfolio to more than 700 hotels and reach $1.8 billion in revenue by March 2030. This growth, part of the “Accelerate 2030” strategy, follows 10 profitable quarters, strong cash flows, and zero net debt.
Founded by Jamsetji Tata, Tata Group’s founder, IHCL opened its first hotel, The Taj Mahal Palace, in Bombay in 1903. The company now has a portfolio of 360 hotels, including 123 under development, across 4 continents, 13 countries, including the U.S., and more than 150 locations.
