New Delhi: According to Indian Hotels, the Indian travel and tourism sector is well positioned for capital growth due to several factors including demand-supply gap, opportunities to enter Tier II and Tier III markets and surge in foreign tourist arrivals. Punit Chhatwal, Managing Director and CE of the Company Limited.
In his address to shareholders in the company's 2023-24 annual report, Chatwal said the hospitality firm of the Tata Group is uniquely positioned to take advantage of the opportunities provided by the dynamically growing industry.
He said the company plans to build its 'Gateway' brand - a full-service hotel offering in the upscale segment targeting emerging micro markets in metros, tier II and tier III cities - to a 100 hotel portfolio by 2030.
“In India's emerging economic landscape, tourism has emerged as a powerful force not only driving economic growth but also paving the way towards a brighter and more inclusive future.Hospitality in India with its rich cultural heritage and warm traditions has undoubtedly taken to the world stage. ," he wrote.
He further said that India's growth story is characterized by a dynamic interplay between economic expansion, changing consumer preferences and rising aspirations. Rising affluence is giving rise to new trends such as premiumization, experiential travel and the rise of brand consciousness.
Chatwal said, “The Indian travel and tourism industry is one of the fastest growing economic sectors in the country, contributing to job creation and regional development.,
On future prospects, he said, “The sector is well positioned to take advantage of the upcycle due to demand-supply gap, market entry opportunities in Tier II and Tier III markets, strong demand drivers like MICE, Spiritua tourism. " "Improvement in foreign tourist arrivals and destination weddings."
This emerging scenario is marked by increased consumer awareness and strong preference for brands.
Chatwal told shareholders, “With our diverse portfolio, iconic properties, world-class service and a defined brandscape to meet myriad travel and hospitality needs, we are positioned to capitalize on the opportunities provided by a dynamically growing industry. Are in a unique position."
He said that in FY2024, IHCL expanded its international footprint with the signing of Frankfurt Dhaka, Bhutan and Nepal.“With 34 openings and 53 signings during the year, which translates into a new contract each week, we are now present in 150 locations,” he said, adding that the hospitality chain continues to expand and evolve its brandscape. .
He said, IHCL has announced the reimagined 'Gateway', a full-service hotel offering in the upscale segment to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. Perfectly suitable.
"Starting with 15 hotels, the brand roll-out will begin with the launch in Bekaa and Nashik, followed by destinations like Bengaluru, Thane and Jaipur. The brand will reach 100 hotel portfolio by 2030," Chatwal said.
Additionally, he added, “We have also entered into a strategic alliance with Tree of Life Resorts & Hotels, which will help us expand our brandscape into new formats that cater to the changing travel trends."
In his address to shareholders in the company's 2023-24 annual report, Chatwal said the hospitality firm of the Tata Group is uniquely positioned to take advantage of the opportunities provided by the dynamically growing industry.
He said the company plans to build its 'Gateway' brand - a full-service hotel offering in the upscale segment targeting emerging micro markets in metros, tier II and tier III cities - to a 100 hotel portfolio by 2030.
“In India's emerging economic landscape, tourism has emerged as a powerful force not only driving economic growth but also paving the way towards a brighter and more inclusive future.Hospitality in India with its rich cultural heritage and warm traditions has undoubtedly taken to the world stage. ," he wrote.
He further said that India's growth story is characterized by a dynamic interplay between economic expansion, changing consumer preferences and rising aspirations. Rising affluence is giving rise to new trends such as premiumization, experiential travel and the rise of brand consciousness.
Chatwal said, “The Indian travel and tourism industry is one of the fastest growing economic sectors in the country, contributing to job creation and regional development.,
On future prospects, he said, “The sector is well positioned to take advantage of the upcycle due to demand-supply gap, market entry opportunities in Tier II and Tier III markets, strong demand drivers like MICE, Spiritua tourism. " "Improvement in foreign tourist arrivals and destination weddings."
This emerging scenario is marked by increased consumer awareness and strong preference for brands.
Chatwal told shareholders, “With our diverse portfolio, iconic properties, world-class service and a defined brandscape to meet myriad travel and hospitality needs, we are positioned to capitalize on the opportunities provided by a dynamically growing industry. Are in a unique position."
He said that in FY2024, IHCL expanded its international footprint with the signing of Frankfurt Dhaka, Bhutan and Nepal.“With 34 openings and 53 signings during the year, which translates into a new contract each week, we are now present in 150 locations,” he said, adding that the hospitality chain continues to expand and evolve its brandscape. .
He said, IHCL has announced the reimagined 'Gateway', a full-service hotel offering in the upscale segment to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. Perfectly suitable.
"Starting with 15 hotels, the brand roll-out will begin with the launch in Bekaa and Nashik, followed by destinations like Bengaluru, Thane and Jaipur. The brand will reach 100 hotel portfolio by 2030," Chatwal said.
Additionally, he added, “We have also entered into a strategic alliance with Tree of Life Resorts & Hotels, which will help us expand our brandscape into new formats that cater to the changing travel trends."
