IHCL Records Impressive 15% Revenue Growth in Q3, Expands Portfolio

IHCL Records Impressive 15% Revenue Growth in Q3, Expands Portfolio

By Author

Published on February 6, 2024

In a remarkable display of resilience and strategic growth, The Indian Hotels Company Limited (IHCL) has once again outdone itself by reporting its seventh consecutive quarter of record performance. For the quarter ending December 31, 2023, IHCL's revenue saw a significant jump of 15% year-on-year, reaching an impressive INR 2,004 crores.

The company didn't just stop at revenue growth; it also reported an 18% increase in EBITDA, which stood at INR 772 crores. This boost in earnings comes with an equally impressive EBITDA margin of 38.5%. What's even more commendable is the Profit After Tax (PAT), which soared to INR 452 crores, marking an 18% increase compared to the previous year.

image

IHCL's domestic operations played a pivotal role in this quarter's success, with revenue reaching INR 1,323 crores, a 22% increase over the previous year. The domestic EBITDA margin was particularly noteworthy at 45.4%, indicating a robust expansion and operational efficiency.

Puneet Chhatwal, the Managing Director & CEO of IHCL, shared his enthusiasm over the Q3 FY24 results, emphasizing the all-time high consolidated EBITDA margin of 38.5% and a PAT margin of 22.6%. He attributed this success to the company's strong market performance, addition of new businesses, and scaling of existing ventures.

The period also saw IHCL making significant strides in expanding its portfolio. The company announced the signing of agreements for 28 new hotels and celebrated the opening of 16 hotels, including the iconic Taj Taal Kutir in Kolkata and Vivanta Tawang, bringing its total to 200 operating hotels.

image

IHCL's new business vertical, which includes brands like Ginger, Qmin, amã Stays & Trails, The Chambers, and TajSATS, has shown substantial growth, further diversifying and strengthening the company's revenue streams. Notably, the flagship Ginger hotel at Mumbai Airport reported an 80% occupancy and turned a net profit in its first month.

In related news, the Thomas Cook India Group reported impressive financial results for the first nine months of FY24, with a 132% increase in Consolidated EBITDA and a 258% YoY growth in Consolidated Profit Before Tax (PBT) for the third quarter.

As IHCL continues to break records and expand its horizons, the future looks promising for India's hospitality giant. With strategic expansions, diverse ventures, and consistent performance, IHCL is set to redefine hospitality excellence.


Courtyard by Marriott Opens First Hotel in Ghaziabad, Strengthening Delhi NCR Presence

Courtyard by Marriott Opens First Hotel in Ghaziabad, Strengthening Delhi NCR Presence

By Hariharan U

Published on August 18, 2026

Courtyard by Marriott has opened its first hotel in Ghaziabad, marking the brand's debut in the city and expanding Marriott International's presence across the Delhi NCR region.

Located in Rajnagar Extension, one of Ghaziabad's growing commercial and residential corridors, Courtyard by Marriott Ghaziabad brings the brand's focus on comfort, functionality and flexible spaces to the destination. The property is designed to cater to business travellers, families, wedding groups and leisure guests.

The hotel features 106 contemporary rooms and suites, equipped with modern amenities, plush bedding, ergonomic workspaces and high-speed connectivity. Flexible layouts are designed to support both productivity and relaxation, allowing guests to adapt their rooms to different stages of their stay.

Connectivity is a key advantage of the property. The hotel provides access to Delhi, Noida, Greater Noida and Meerut through major expressways, national highways and the Delhi–Meerut Rapid Rail Transit System. It is approximately one hour from Indira Gandhi International Airport, around 15 minutes from Anand Vihar Bus Terminal and 20 minutes from Ghaziabad Railway Station.

image

The hotel also offers convenient access to corporate offices, industrial hubs, educational institutions and healthcare facilities across Ghaziabad, along with attractions including Akshardham Temple and India Expo Mart and shopping destinations across East Delhi and Noida.

Dining

Courtyard by Marriott Ghaziabad features two dining venues designed for different occasions.

L3 Kitchen, the all-day dining restaurant, offers global favourites, wholesome dishes and regional Indian cuisine in a contemporary setting.

The Yard & Brew lobby lounge and bar provides handcrafted beverages and globally inspired small plates, creating a relaxed setting for informal meetings, after-work gatherings and evening conversations.

Wellness and Recreation

Guests can access a range of wellness facilities, including an outdoor swimming pool with Jacuzzi, fully equipped fitness centre and spa. The facilities are designed to provide opportunities for relaxation and recovery for both business and leisure travellers.

Meetings, Weddings and Events

The hotel offers more than 8,000 sq. ft. of indoor event space, including the 5,100 sq. ft. Grand Ballroom. Supported by audiovisual technology and dedicated event planning services, the venues are designed for corporate conferences, meetings, weddings and social celebrations.

Commenting on the opening, Kiran Andicot, Senior Vice President, South Asia, Marriott International, said Ghaziabad's growing role as a commercial and residential destination presents an opportunity for Courtyard by Marriott to expand its offering across the region and provide travellers with additional accommodation choices in Delhi NCR.

Praveen Sharma, Hotel Manager, Courtyard by Marriott Ghaziabad, said the property has been designed around the changing needs of modern travellers, whether they are visiting for business, family occasions or leisure. He added that the hotel aims to become a gathering place for travellers and the local community.

Courtyard by Marriott Ghaziabad participates in Marriott Bonvoy, enabling members to earn and redeem points during stays at the property and across Marriott International's participating portfolio.


Sterling Holiday Resorts Launches Sterling Quinta Jim Corbett, Expanding Wildlife Portfolio

Sterling Holiday Resorts Launches Sterling Quinta Jim Corbett, Expanding Wildlife Portfolio

By Hariharan U

Published on August 18, 2026

Sterling Holiday Resorts has strengthened its presence in India's wildlife hospitality segment with the launch of Sterling Quinta Jim Corbett, its second resort in the Corbett landscape and 11th property in Uttarakhand.

Located in the Bail Parao–Kaladhungi belt of Ramnagar, the new resort expands Sterling's curated wildlife portfolio to 13 resorts with more than 480 rooms and suites, reinforcing the company's strategy of building destination clusters across India's leading nature and wildlife destinations.

The launch comes as wildlife tourism increasingly evolves beyond conventional safari-led holidays, with travellers seeking immersive experiences, longer stays and deeper connections with nature and local communities. Sterling's growing portfolio across India's forests and wildlife regions reflects this shift towards experience-led travel.

Sterling Quinta Jim Corbett offers access to the wider Corbett landscape while providing a quieter alternative to some of the destination's busier tourism zones. The property complements Sterling's existing Corbett presence and gives travellers additional opportunities to explore different areas of the region.

The resort features 46 rooms across five categories, including accommodation options with private sit-outs, balconies and exclusive plunge pools. Facilities include a swimming pool, spa and Nectar, the property's all-day dining restaurant.

Designed for families, couples, celebration-led travellers and corporate groups, the resort also expands Sterling's leisure and events offering. A 2,800 sq. ft. banquet hall and two landscaped lawns provide spaces for destination weddings, social celebrations, corporate offsites and incentive programmes.

Beyond the resort, guests can explore the Corbett region through safaris across forest zones including Phato and Sitabani, along with birdwatching trails and plantation walks. Local attractions such as Chhoi Village, Shri Hanuman Dham, the Jim Corbett Museum and Corbett Falls further broaden the destination experience.

Sterling's wider wildlife portfolio now spans diverse ecosystems and destinations including Corbett, Gir, Kanha, Pench, Ranthambore, Sariska, Thekkady, Wayanad, Anaikatti and Tipeshwar, covering tiger reserves, lion habitats, rainforests and Himalayan forests.

Commenting on the launch, Vikram Lalvani, Managing Director & CEO, Sterling Holiday Resorts Ltd, said wildlife tourism in India is undergoing a transformation as travellers increasingly seek experiences extending beyond the safari. He added that Sterling's destination-cluster strategy aims to provide guests with richer ways to experience iconic wildlife regions while maintaining consistency in hospitality.

Shailendra Goswami and Amit Aggarwal, Partners at Shreena Hospitalities Pvt Limited, said Sterling Quinta Jim Corbett was envisioned as a peaceful, nature-connected retreat complementing the wider Corbett experience. They added that the partnership combines the resort's location and design with Sterling's hospitality expertise and scale.

With the addition of Sterling Quinta Jim Corbett, Sterling Holiday Resorts continues to strengthen its presence in Uttarakhand while expanding its focus on experiential travel segments including wildlife, mountains, wellness, pilgrimage and heritage


Lemon Tree Hotels Signs 110-Key Lemon Tree Premier in Visakhapatnam

Lemon Tree Hotels Signs 110-Key Lemon Tree Premier in Visakhapatnam

By Hariharan U

Published on August 16, 2026

Lemon Tree Hotels has announced the signing of Lemon Tree Premier, Visakhapatnam, a new 110-key upscale hotel that will expand the group's presence in Andhra Pradesh.

The property will be managed by Carnation Hotels Private Limited, a wholly owned subsidiary of Lemon Tree Hotels Limited. The signing takes the group's Andhra Pradesh portfolio to six operational hotels and seven upcoming properties.

The new hotel will complement Lemon Tree Hotels' existing presence in Visakhapatnam, which currently includes Keys Select by Lemon Tree Hotels in Daba Gardens and Keys Lite by Lemon Tree Hotels in Gajuwaka.

Located in Visakhapatnam, a major commercial, industrial and leisure destination in Andhra Pradesh, Lemon Tree Premier will feature 110 well-appointed rooms along with a restaurant, banquet hall and meeting/conference room.

The property will also offer a fitness centre, swimming pool and spa, positioning it to cater to both business and leisure travellers as well as meetings, events and MICE demand.

Commenting on the signing, Vishvapreet Singh Cheema, President, Lemon Tree Hotels Ltd., said that Visakhapatnam is an important economic and tourism centre, generating demand across corporate, leisure and MICE segments.

He added that the group's existing hotels in the city operate in the midscale and economy segments under the KEYS portfolio, while the new Lemon Tree Premier will allow the company to address a broader range of demand and strengthen its presence in the market.

The hotel is expected to benefit from connectivity to key transportation infrastructure. Visakhapatnam International Airport is approximately 39 km from the property, with the journey taking around one hour and 25 minutes. The destination is also connected by road with major cities across India through public and private transportation.

The signing forms part of Lemon Tree Hotels' continued expansion across emerging Indian markets, with the company strengthening its portfolio across different hospitality segments.

Stay up-to-date with the latest Hospitality news and trends in the Hospitality industry!

Subscribe to Hospitality news e-magazine for free and never miss an issue.

By clicking subscribe for free you agree to the Terms & Conditions and acknowledge our Privacy Policy.

Advertise With Us

We have various options to advertise with us including Events, Advertorials, Banners, Mailers, etc.