Latest news with #Chhatwal
Economic Times
11 hours ago
- Business
- Economic Times
IHCL's Ginger brand is leading the mid scale opportunity in India: MD and CEO Puneet Chhatwal
Representative image. Indian Hotel Company's (IHCL's) budget brand Ginger is leading the mid-scale opportunity in India and has the potential to even scale to 1000 hotels over time, MD and CEO Puneet Chhatwal said on Monday. Tata Group-backed Indian Hotels Company Ltd (IHCL) has agreed to buy around 51% stake each in ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd for a combined Rs 204 crore, giving fresh impetus to its network expansion drive in the domestic market. Most of these properties will be rebranded as Ginger hotels, which will expand the chain's Ginger brand to a 250-hotel portfolio, Puneet Chhatwal, MD and CEO at IHCL told ET on Monday. ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd have a portfolio of 135 hotels in the midscale segment spread across 110 locations and are presently operated under The Clarks Hotels & Resorts brands. Over the next few months, they will be integrated operationally and migrated to IHCL's 'brandscape' predominantly under the Ginger brand among others. IHCL said these hotels are a on a capital light arrangement of management contracts and select operating leases.'Before today, I would not have dared to put this figure of 1000 hotels. Today, we can. I personally feel that in the foreseeable future, just like we have gone from 40 Ginger hotels in 2015 to what would be 250 now, we can also go to 1000 over the long term,' said Chhatwal at a press briefing on Tuesday. 'It would be nothing different than what has happened several times globally. Many brands of this category in markets such as France, the UK, and Germany have experienced exponential growth. The potential for growth is nothing less than exponential,' he said while Taj will always be the crown jewel of the Tata Group and the country, the chain is now coming up with 'iconic' assets in the mid-scale range under the Ginger brand at major airport locations.'We took a very conscious decision to build big box Ginger properties. So, the first one was on our own land at Mumbai airport. That has 371 rooms, and is expected to do an occupancy of 88-90% this year at an average rate of Rs 6500,' said Chhatwal.'We are doing more properties like these. Next year, we will open one at the Bengaluru airport. We have one under construction at the MOPA airport in Goa, and very recently, we have concluded a deal for a Ginger hotel at the Kolkata airport which should open in the next 12-14 months. The margins of these reimagined Ginger hotels is around 50% plus. The Sweet spot is 55%,' he added. The deal with ANK Hotels and Pride Hospitality takes IHCL's portfolio to over 550hotels, and 55,000 rooms. IHCL has also signed a marketing and distribution agreement with Brij Hospitality, which has a portfolio of 19 hotels under the Brij brand, primarily across India. The chain said the key managerial personnel of ANK, Pride and Brij Hospitality will continue to oversee the running of the respective companies, thereby providing business continuity and also enabling future growth of the companies. 'Combining over 200 years of collective hospitality legacy, we come together with IHCL, part of the iconic Tata Group. Together, we are a powerhouse of energy with a shared vision for growth and transformation. This is more than a partnership — it is a union of legacies, ready to inspire the future," said Aryavir Kumar, promoter of ANK Hotels Pvt Ltd. Anant Apurv Kumar and Udit Kumar Founders of Brij Hotels and promoters of Clarks Group of Hotels said together with IHCL, the company will carry forward the shared vision of its respective founders, Jamshed Ji Tata and Babu Brijpal Das Ji, in shaping and propelling India's tourism journey.
Economic Times
13 hours ago
- Business
- Economic Times
India's tourism sector sector has the unique power to create jobs like no other: FAITH chairman Puneet Chhatwal
Synopsis Federation of Associations in Tourism and Hospitality is preparing to host a national tourism conclave in New Delhi. The event will occur on August 12th and 13th. FAITH aims to promote sustainable tourism development. They envision a $3 trillion tourism economy by 2047. The conclave will focus on job creation and India's global tourism ranking. FAITH chairman, and IHCL MD and CEO Puneet Chhatwal. Federation of Associations in Tourism and Hospitality (FAITH), India's apex tourism policy and strategy think tank of the national associations is holding its national tourism conclave on August 12 - 13 August at Hotel Taj Palace, New members include the Association of Domestic Tour Operators of India (ATOAI), Federation of Hotels & Restaurants Associations of India (FHRAI), Hotel Association of India (HAI), Indian Association of Tour Operators (IATO) and India Convention Promotion Bureau (ICPB) besides other industry bodies. The industry body said all the FAITH Associations are 'deeply committed' to the sustainable development of Indian tourism and its contribution to the nation's economic progress. FAITH shared its Tourism Vision 2047 roadmap of a $3 trillion tourism economy driven by 100 million foreign arrivals and 20 billion domestic visits leading up to 200 million tourism jobs (directly and indirectly). The industry body said the roadmap is aimed to double tourism's GDP share by 2047 to 10% which is aligned with the Govt's vision. "Tourism is not just an industry, it is the heartbeat of nations, driving economies and uniting cultures. Its power lies in its soft influence, whether through business, medical, or spiritual tourism, and its ability to shape a nation's global presence," said FAITH chairman, and IHCL MD and CEO Puneet Chhatwal. "Despite facing challenges, India's tourism sector has shown an invincible spirit. This sector has the unique power to create jobs like no other, with one in four new jobs globally coming from tourism, aviation and hospitality," he added. Chhatwal said, even today, 7-9% of all global employment comes from this sector, and in the years ahead, that number is sure to hit double digits. "It is this vast, interconnected ecosystem of employment that makes tourism not only a driver of growth but a true multiplier of livelihoods. As we move forward, we must harness this spirit, fuel its growth and unlock its true potential to create a brighter, more prosperous future for all," he added. The industry body said the FAITH conclave 2025 aims to build on this vision and identify tangible milestones. FAITH said the key objectives are creating a path to a $3 trillion tourism economy, laying out the roadmap of enhancing employment in tourism from approximately 5 crores currently to almost 20 crores (both directly and indirectly), and positioning India in the top five tourism rankings of the World Economic Forum's (WEF), Travel & Tourism Development Index. Enhancing the foreign exchange earnings from tourism from approximately $30 billion currently to approximately $ 400 billion, and positioning tourism as an essential socio-economic engine of growth by enhancing the domestic tourism visits from almost two billion currently to 20 billion are among the other objectives of the enclave, the industry body said in a statement.
Economic Times
15 hours ago
- Business
- Economic Times
IHCL portfolio to cross 550 hotels with 55,000 rooms post acquisitions
Synopsis Tata Group's IHCL is set to expand its portfolio to over 550 properties with 55,000 rooms through acquisitions of controlling stakes in ANK Hotels and Pride Hospitality. These acquisitions, totaling up to Rs 204 crore, will add 135 hotels under 'The Clarks Hotels & Resorts' brand, primarily integrated into IHCL's Ginger brand. Tata Group-owned IHCL on Tuesday said its hotel portfolio is set to cross 550 properties with 55,000 rooms after the country's largest hospitality firm signed definitive agreements to acquire a controlling stake in ANK Hotels and Pride Hospitality. Indian Hotels Company Limited (IHCL) also inked a distribution agreement with Brij Hospitality Pvt Ltd. In an interview with PTI, IHCL CEO Puneet Chhatwal said the acquisitions put its Ginger in a pole position in India with a portfolio of nearly 250 hotels and are very well positioned to get to the next 250, which will take it to 500 over the next 5-7 years. "They also take our presence to 250 cities in India," Chhatwal told PTI. IHCL's midscale hotel chain brand Ginger Hotels covers the mid-market segment. On Monday, IHCL had informed in a regulatory filing that a committee constituted by its board has approved and executed agreements to acquire about 51 per cent stake each in two entities -- ANK Hotels and Pride Hospitality -- which have a portfolio of 135 hotels operated under 'The Clarks Hotels & Resorts' brand. The transactions amounting to up to Rs 204 crore will be executed via cash consideration and are expected to be completed by November 15, 2025. The share subscription and purchase agreements and shareholders' agreements were executed to acquire about 51 per cent equity stake for an amount not exceeding Rs 110 crore in ANK Hotels Pvt Ltd, and Rs 94 crore in Pride Hospitality Pvt Ltd, according to a regulatory filing. "With many decades of hospitality experience, the promoters of these companies belong to the illustrious Clarks Hotels family. This takes IHCL's portfolio to over 550 hotels," IHCL said. According to Chhatwal, the outlook for the hospitality sector remains buoyant as demand outpaces supply and India continues to be an underserved hospitality market, especially in the mid-market segment. "Our partnership with ANK, Pride and Brij Hospitality is a multi-pronged approach addressing India's heterogeneous market landscape and is in line with IHCL's five-year road map 'Accelerate 2030' of unlocking India's tourism potential," Chhatwal stated. ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd have a portfolio of 135 hotels in the midscale segment spread across 110 locations and are presently operated under The Clarks Hotels & Resorts, which over the next few months will be integrated operationally and migrated to IHCL's brandscape predominantly under the Ginger brand, among others. These hotels are on a capital-light arrangement of management contracts and select operating leases. Brij Hospitality has a portfolio of 19 hotels in the experiential leisure segment in India's unique destinations.
Time of India
15 hours ago
- Business
- Time of India
IHCL portfolio to cross 550 hotels with 55,000 rooms post acquisitions
Tata Group-owned IHCL on Tuesday said its hotel portfolio is set to cross 550 properties with 55,000 rooms after the country's largest hospitality firm signed definitive agreements to acquire a controlling stake in ANK Hotels and Pride Hospitality . Indian Hotels Company Limited (IHCL) also inked a distribution agreement with Brij Hospitality Pvt Ltd. Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program In an interview with PTI, IHCL CEO Puneet Chhatwal said the acquisitions put its Ginger in a pole position in India with a portfolio of nearly 250 hotels and are very well positioned to get to the next 250, which will take it to 500 over the next 5-7 years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Amazon's Hottest Selling Hearing Aid is Back on Sale Hear True Learn More Undo "They also take our presence to 250 cities in India," Chhatwal told PTI. IHCL's midscale hotel chain brand Ginger Hotels covers the mid-market segment. On Monday, IHCL had informed in a regulatory filing that a committee constituted by its board has approved and executed agreements to acquire about 51 per cent stake each in two entities -- ANK Hotels and Pride Hospitality -- which have a portfolio of 135 hotels operated under 'The Clarks Hotels & Resorts' brand. Live Events The transactions amounting to up to Rs 204 crore will be executed via cash consideration and are expected to be completed by November 15, 2025. The share subscription and purchase agreements and shareholders' agreements were executed to acquire about 51 per cent equity stake for an amount not exceeding Rs 110 crore in ANK Hotels Pvt Ltd, and Rs 94 crore in Pride Hospitality Pvt Ltd, according to a regulatory filing. "With many decades of hospitality experience, the promoters of these companies belong to the illustrious Clarks Hotels family. This takes IHCL's portfolio to over 550 hotels," IHCL said. According to Chhatwal, the outlook for the hospitality sector remains buoyant as demand outpaces supply and India continues to be an underserved hospitality market, especially in the mid-market segment. "Our partnership with ANK, Pride and Brij Hospitality is a multi-pronged approach addressing India's heterogeneous market landscape and is in line with IHCL's five-year road map 'Accelerate 2030' of unlocking India's tourism potential," Chhatwal stated. ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd have a portfolio of 135 hotels in the midscale segment spread across 110 locations and are presently operated under The Clarks Hotels & Resorts, which over the next few months will be integrated operationally and migrated to IHCL's brandscape predominantly under the Ginger brand, among others. These hotels are on a capital-light arrangement of management contracts and select operating leases. Brij Hospitality has a portfolio of 19 hotels in the experiential leisure segment in India's unique destinations.
News18
16 hours ago
- Business
- News18
IHCL portfolio to cross 550 hotels with 55,000 rooms post acquisitions
Last Updated: New Delhi, Aug 12 (PTI) Tata Group-owned IHCL on Tuesday said its hotel portfolio is set to cross 550 properties with 55,000 rooms after the country's largest hospitality firm signed definitive agreements to acquire a controlling stake in ANK Hotels and Pride Hospitality. Indian Hotels Company Limited (IHCL) also inked a distribution agreement with Brij Hospitality Pvt Ltd. In an interview with PTI, IHCL CEO Puneet Chhatwal said the acquisitions put its Ginger in a pole position in India with a portfolio of nearly 250 hotels and are very well positioned to get to the next 250, which will take it to 500 over the next 5-7 years. 'They also take our presence to 250 cities in India," Chhatwal told PTI. IHCL's midscale hotel chain brand Ginger Hotels covers the mid-market segment. On Monday, IHCL had informed in a regulatory filing that a committee constituted by its board has approved and executed agreements to acquire about 51 per cent stake each in two entities — ANK Hotels and Pride Hospitality — which have a portfolio of 135 hotels operated under 'The Clarks Hotels & Resorts' brand. The transactions amounting to up to Rs 204 crore will be executed via cash consideration and are expected to be completed by November 15, 2025. The share subscription and purchase agreements and shareholders' agreements were executed to acquire about 51 per cent equity stake for an amount not exceeding Rs 110 crore in ANK Hotels Pvt Ltd, and Rs 94 crore in Pride Hospitality Pvt Ltd, according to a regulatory filing. 'With many decades of hospitality experience, the promoters of these companies belong to the illustrious Clarks Hotels family. This takes IHCL's portfolio to over 550 hotels," IHCL said. According to Chhatwal, the outlook for the hospitality sector remains buoyant as demand outpaces supply and India continues to be an underserved hospitality market, especially in the mid-market segment. 'Our partnership with ANK, Pride and Brij Hospitality is a multi-pronged approach addressing India's heterogeneous market landscape and is in line with IHCL's five-year road map 'Accelerate 2030' of unlocking India's tourism potential," Chhatwal stated. ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd have a portfolio of 135 hotels in the midscale segment spread across 110 locations and are presently operated under The Clarks Hotels & Resorts, which over the next few months will be integrated operationally and migrated to IHCL's brandscape predominantly under the Ginger brand, among others. These hotels are on a capital-light arrangement of management contracts and select operating leases. Brij Hospitality has a portfolio of 19 hotels in the experiential leisure segment in India's unique destinations. PTI RSN DR DR view comments First Published: August 12, 2025, 15:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
