Indian Hotels Company (IHCL) said on Monday it had signed a three-hotel deal with Ambuja Neotia Group as it seeks to make deeper inroads into eastern India. The new projects in eastern India include two in Kolkata and one in Patna. The Ambuja Neotia Group has outlined an investment of Rs 800 crore for the project.
IHCL already has a partnership with the Ambuja Neotia Group for two other hotels in the east in Darjeeling, and Gangtok. These five projects will result in a total of 500 rooms. The properties are likely to be completed over the next two years.
With these 5 properties and partnerships with other players for another 900 rooms, IHCL will be able to double the number of rooms to around 2,400 over the next four years in the eastern region, which accounts for 10 per cent of its revenue at present.
South Asia’s largest hotel chain is signing up new properties even as occupancy remains at a sub-optimal levels in key business centres. Leisure destinations, however, are making up for the short fall, said Puneet Chhatwal, MD and CEO, IHCL.
“Since October-end the industry has picked up well. If we discount the lockdown period, in some markets, we are seeing 50 per cent-plus level of occupancy,” he said. In Goa, Jaipur, and other leisure spots, IHCL has touched 70-80 per cent of last year, in terms of occupancy and average daily rates. While key business centers remain depressed, home-stay properties in leisure spots “are all sold out”.
Source: Business-StandardTata’s eastern foray
* Upcoming projects include two in Kolkata and one in Patna
* The three hotels to be up and running in various stages of execution
* To be operational over the next two years
* Leisure destinations have surpassed Pre-Covid occupancy
