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.

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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.

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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.


Atmosphere Core Announces Hillora Eco Resort in Visakhapatnam with 180 Keys

Atmosphere Core Announces Hillora Eco Resort in Visakhapatnam with 180 Keys

By Manu Vardhan Kannan

Published on August 20, 2026

Atmosphere Core has announced its strategic partnership with A V N G Developers LLP to launch Atmosphere Hillora Eco Resort Visakhapatnam, strengthening the brand’s growing presence in India.

Set to open in Q1 2029, the 180-key eco resort will be located amidst the scenic Eastern Ghats of Visakhapatnam, surrounded by lakes and mountains. The resort will also be situated close to the Polavaram Irrigation Project on the Godavari River and will offer convenient access from the upcoming Alluri Sitarama Raju International Airport at Bhogapuram, located approximately one hour away.

The upcoming resort is part of the ‘Atmosphere’ sub-brand within Atmosphere Hotels & Resorts and will combine eco-sensitive design with the natural beauty of forests, lakes and the Eastern Ghats.

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Speaking about the expansion, Mr. Salil Panigrahi, Co-Founder & Managing Director of Atmosphere Core, said, “We are building strong momentum in India, with new properties in key destinations. Visakhapatnam has always been central to our strategy given its importance as both a business and tourism hub. With this resort, we aim to offer a fresh, creative, and experience-led stay for a wide range of travellers, from leisure guests to those planning high-end weddings, MICE events, and holidays with family in a scenic and peaceful setting.”

Atmosphere Hillora Eco Resort Visakhapatnam will feature a mix of cottages, suites and private-pool villas, offering guests a premium stay experience surrounded by nature.

The resort will also offer a diverse dining experience with an all-day dining restaurant, café lounge, specialty restaurant, bar with lounge and library, along with a poolside bar. The culinary offerings will include international cuisines along with popular flavours from Southern India, complemented by a selection of fine wines and spirits.

For wellness seekers, the award-winning ELE|NA Ayur Spa will provide a relaxing experience with dedicated therapy rooms and expert therapists. Other facilities will include a swimming pool with an outdoor deck and a fully equipped fitness centre.

Designed as a destination for celebrations and business gatherings, the resort will feature extensive banqueting spaces including large convention halls, modern conference rooms, boardrooms and open-air venues. These facilities will cater to high-end weddings, MICE events and corporate meetings.

Visakhapatnam, also known as Vizag, continues to grow as an important destination combining tourism potential with business opportunities. The city attracts visitors with its coastline, beaches, Buddhist heritage circuits and eco-tourism locations, while also being a major industrial and logistics hub.

Home to India’s oldest shipyard, the Eastern Naval Command, two deep-water ports and several heavy industries, Vizag is also emerging as a growing destination for IT, Global Capability Centres and healthcare investments. This combination of tourism appeal and business growth continues to position Visakhapatnam as a key gateway in South India.

Commenting on the partnership, Mr. A V N Govinda Rao, Managing Director of A V N G Developers LLP, said, Atmosphere Core’s legacy of excellence aligns perfectly with our vision to create a world-class luxury eco resort in this lush land parcel, rich in vegetation and surrounded by lakes and the rolling hills of Visakhapatnam. As this destination continues to grow in importance, this partnership will help strengthen Southern India’s premium tourism landscape and set new benchmarks in hospitality.”

Adding to this, Mr. Souvagya Mohapatra, Managing Director, Atmosphere Core (India, Nepal, Bhutan, & Sri Lanka), said,Visakhapatnam, with its awe-inspiring natural landscape, cultural heritage, and timeless appeal, is a natural choice for our expansion. As we enter this extraordinary destination, we look forward to delivering a progressive and immersive hospitality experience, thoughtfully tailored to its surroundings, redefining luxury hospitality, and catering to high-end weddings, important MICE events, and leisure holidaymakers during weekends and festivals.”

With this development, Atmosphere Core continues to expand its India portfolio while introducing experience-led luxury hospitality offerings in emerging destinations.


Cygnett Hotels Signs 50-Key Cozzet Khatu Shyam in Rajasthan

Cygnett Hotels Signs 50-Key Cozzet Khatu Shyam in Rajasthan

By Hariharan U

Published on August 19, 2026

Cygnett Hotels & Resorts has announced the signing of a 50-key Cozzet hotel at Ringas near Khatu Shyam in Rajasthan, strengthening its presence in the state and expanding its premium economy portfolio across India's growing pilgrimage and regional travel markets.

The upcoming Cozzet Khatu Shyam will be located approximately 18 km from Khatu Shyam Ji Temple, one of Rajasthan's major pilgrimage destinations. The shrine recorded an estimated annual footfall of 2.54 crore devotees in 2025, making it the state's leading religious tourism destination and driving increased demand for organised accommodation and supporting hospitality infrastructure along the Khatu Shyam-Ringas corridor.

The hotel will benefit from its strategic location in Ringas, positioned just 100 metres from Ringas railway station and with direct access to NH-52, which connects the area with Jaipur and other parts of the region. The location is expected to make the property accessible to pilgrims, families, leisure travellers and transit guests.

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A brownfield development, Cozzet Khatu Shyam is expected to open in mid-2027. The property will feature 50 contemporary rooms, an all-day dining restaurant, health club and swimming pool.

The hotel will also cater to the local social and events market through a 2,500 sq. ft. banquet venue capable of accommodating approximately 180–200 guests. The combination of accommodation, dining, wellness and event facilities is expected to position the property as a comprehensive hospitality offering for visitors to the destination.

Commenting on the signing, Sarbendra Sarkar, Founder & Managing Director, Cygnett Hotels & Resorts, said pilgrimage travel is emerging as an important driver of hospitality demand across India. He added that destinations attracting millions of visitors require dependable branded accommodation and consistent service standards, making Ringas a strong opportunity for Cozzet.

Cozzet by Cygnett is Cygnett Hotels & Resorts' premium economy and micro-hospitality brand. Built around its "Smart, Safe & Sensible" philosophy, the brand focuses on contemporary accommodation, essential amenities and efficient service for business, leisure and transit travellers.

The signing also advances Cygnett's broader expansion strategy for Cozzet. The brand currently has a development pipeline of approximately 600 keys, with properties under development and in pre-opening stages across destinations including Noida, Ayodhya, Amritsar, Jaipur and Arunachal Pradesh.

Cygnett plans to continue expanding Cozzet through an asset-light and scalable model, targeting pilgrimage centres, transit hubs, business markets and emerging urban destinations where demand for reliable, value-led branded accommodation is increasing.

With its entry into the Khatu Shyam-Ringas corridor, Cozzet adds another pilgrimage-led destination to its growing development pipeline while strengthening Cygnett's Rajasthan portfolio.


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.

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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.

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