Friday, June 14, 2024

IHG Hotels & Resorts to double its portfolio in India

Global hospitality company IHG Hotels & Resorts is looking to grow its portfolio with 39 new hotels in India, in the next two to three years, as part of its growth strategy for the country, a senior company official said. IHG Hotels & Resorts currently has 39 hotels in India across four brands.

This includes two luxury-branded InterContinental Hotels & Resorts in Mumbai and Chennai; 10 premium-branded Crowne Plaza Hotels & Resorts across key markets such as Delhi, Gurgaon, Noida, Kochi, Chennai, Pune, Ahmedabad and Jaipur and a strong presence in the mainstream category with 27 Holiday Inn Hotels & Resorts and Holiday Inn Express brands across the country.

“In the next 2-3 years, we plan to add another 39 hotels to our portfolio in India, which means our portfolio will grow by 100 per cent, by number of hotels, in the coming years,” IHG Hotels & Resorts, South-West Asia Managing Director, Sudeep Jain told PTI.

IHG is well-positioned to capitalise on the market demand and is meaningfully expanding its presence across key markets in the country with new signings and openings, he added.

When asked about the brands under which the new hotels will come up, Jain said, “Our current pipeline is quite robust with 29 hotels under the Holiday Inn brand family which forms about 70 per cent of our current pipeline. We will have hotels coming up under our luxury brand InterContinental, premium brand Crowne Plaza and our long stay brand Staybridge Suites which was a recent debut”.

Additionally, later this year, IHG will be opening its first Six Senses hotel in India which will be a luxury property located in Rajasthan, he added.

“Our global brands like Regent Hotels and Resorts, Kimpton Hotels and Restaurants and voco Hotels have potential in India, and we look forward to introducing these brands with the right partners, at the right location and the right time,” Jain said.

Whether IHG franchises or manages hotels is largely dependent on market maturity, owner preference and, in certain cases, the particular brand. IHG’s preferred model in India is to manage hotels. However, the company is open to partnering with the owners on both franchise and managed models, he added.

Speaking about investments, Jain said, “We follow an asset light business model, therefore, investment in assets is covered by our owners. However, we invest in our brands, our technology, tools and solutions that make the biggest difference to our guests, owners and teams, our loyalty offer and our talent to deliver the right experiences to guests.”

The growth of the tourism and hospitality sector in India has been primarily driven by domestic demand. Furthermore, with international movement still being restricted, domestic tourism is gaining even more traction, he added.

“For us, domestic business has always been crucial, and it features prominently in our long-term business strategy for the country,” Jain added.

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