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.


IHG Signs Garner Hotel Ahmedabad Motera with UHM India

IHG Signs Garner Hotel Ahmedabad Motera with UHM India

By Manu Vardhan Kannan

Published on September 2, 2026

IHG Hotels & Resorts has announced the signing of Garner Hotel Ahmedabad Motera under a franchise agreement, adding to Garner's rapidly growing pipeline in India and further strengthening IHG's partnership with United Hospitality Management (UHM) India.

Scheduled to open in 2029, the 40-key hotel will be developed by Devpriya Buildcon and managed by UHM India, one of IHG's trusted third-party hotel management partners in the country. The signing also marks the first Garner hotel in Ahmedabad, as IHG continues to expand its branded hospitality portfolio across high-growth destinations in India.

Through its partnership with IHG, UHM brings operational expertise and owner-focused management solutions while supporting the expansion of internationally branded hospitality experiences across key markets. The latest signing also reflects continued owner confidence in Garner's conversion-friendly model.

Garner is IHG's fastest-scaling brand and focuses on the essentials travellers value, offering quality stays at an accessible price point. The brand is designed around convenient locations, a sound night's sleep and a great breakfast, while guests also benefit from IHG Hotels & Resorts' quality standards, enterprise systems and rewards ecosystem.

Located at the Motera-Sabarmati junction in North Ahmedabad, Garner Hotel Ahmedabad Motera will be close to key demand drivers, including Narendra Modi Stadium, the Sabarmati Bullet Train hub and nearby corporate districts.

Commenting on the signing, Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts, said: “Ahmedabad continues to emerge as an important commercial and infrastructure growth centre, supported by strong economic activity and expanding connectivity. Garner Hotel Ahmedabad Motera is a meaningful addition to our India growth strategy and reflects the appeal of the brand’s model for high-potential markets. The signing also reinforces our commitment to delivering quality, reliable stays that meet the needs of today’s value-conscious travellers.”

Deepika Arora, Managing Director, United Hospitality Management - India, said: "We are delighted to continue strengthening our partnership with IHG Hotels & Resorts through the signing of Garner Hotel Ahmedabad Motera. Each new signing reflects the confidence that owners place in the combined strength of IHG's globally recognised brands and UHM's local operating expertise. As our collaboration with IHG continues to grow across India, our focus remains on delivering operational excellence, enhancing long term asset performance and creating memorable guest experiences."

Mr Prashant Thakkar, Partner Devpriya Buildcon, added: “Ahmedabad’s economic growth, infrastructure development and rising visitor demand make it an attractive market for branded hospitality. Partnering with IHG Hotels & Resorts and United Hospitality Management to introduce Garner in Motera aligns with our vision of developing future-ready assets for modern travellers.”

The upcoming hotel will feature 40 modern rooms designed around comfort and functionality. It will form part of a mixed-use development that will include retail, banquet and restaurant facilities, as well as a hospital, creating an integrated offering for guests.

Ahmedabad continues to be one of India's leading economic and industrial centres, with activity across pharmaceuticals, textiles, information technology, infrastructure and corporate headquarters. Ongoing investment in sports and transport infrastructure is also supporting visitor demand in the city.

With this signing, Garner joins IHG's Ahmedabad portfolio, which currently includes Crowne Plaza Ahmedabad City Centre and Holiday Inn Express Ahmedabad Prahlad Nagar. Holiday Inn Ahmedabad is also in the pipeline.

IHG currently has 53 hotels operating across six brands in India, including Six Senses, InterContinental Hotels and Resorts, Crowne Plaza, voco Hotels, Holiday Inn Resort and Holiday Inn Express. The company also has a strong pipeline of 110 hotels due to open in the next 3-5 years.


Treat Hotels & Resorts Signs New 132-Key Resort in Sangamner, Maharashtra

Treat Hotels & Resorts Signs New 132-Key Resort in Sangamner, Maharashtra

By Hariharan U

Published on September 1, 2026

Treat Hotels & Resorts has announced the signing of a new resort in Sangamner, Maharashtra, under a management agreement with Malpani Group, further expanding its presence across the Indian hospitality market.

Scheduled to become operational in 2028, the upcoming resort will be designed as a destination for leisure stays, celebrations and social gatherings, with a range of accommodation, dining and recreational facilities.

The property will feature 132 elegantly designed guest rooms, along with multiple ballrooms and banquet spaces designed to cater to weddings, celebrations, corporate events and other gatherings.

The resort will also include multiple lawns, a fine-dining restaurant and bar, and a selection of recreational activities, creating an integrated hospitality offering for both leisure and event-driven travel.

The Sangamner signing marks another milestone in Treat Hotels & Resorts' expansion strategy. With the addition of the new resort, Sangamner will become the company's seventh property in Maharashtra and its 21st property across India.

The company said its entry into Sangamner reflects its broader objective of bringing its hospitality offering to emerging destinations across the country.

Sangamner has a diverse economic profile shaped by agriculture, education and a growing business landscape, providing a mix of potential leisure, social and business demand for the upcoming property.

The resort is expected to serve as a hospitality destination for travellers visiting Sangamner as well as residents seeking spaces for celebrations, dining and recreation.

The partnership with Malpani Group further strengthens Treat Hotels & Resorts' development pipeline and supports its strategy of expanding through management agreements across India.

With the new resort, Treat Hotels & Resorts aims to establish a presence in Sangamner while offering guests its signature approach to hospitality through comfortable stays, dining experiences, celebrations and leisure facilities.

The development adds to the brand's growing portfolio and reinforces its ambition to expand its footprint across established and emerging markets in India.


Taj Enters Luxury Branded Villa Segment with Taj Mount Kusur in Lonavala

Taj Enters Luxury Branded Villa Segment with Taj Mount Kusur in Lonavala

By Manu Vardhan Kannan

Published on August 31, 2026

Indian Hotels Company (IHCL) has entered the luxury branded villa segment with the launch of Taj Mount Kusur Resort and Villas in Lonavala, Maharashtra. Developed in partnership with Amavi, India’s only hospitality-backed real estate brand, the project brings Taj’s luxury hospitality offering into a new category of branded residences.

Spread across a 34-acre estate in the Western Ghats, Taj Mount Kusur Resort and Villas will feature 32 branded villas alongside a 100-key Taj resort. The development offers views of the surrounding lake and valley and is designed to bring together luxury living, nature and Taj hospitality.

Commenting on the launch, Mr. Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL, said, “For over a century, Taj has defined luxury hospitality through its grand palaces, landmark city hotels, safaris and residences. Recognised as the World's Strongest Luxury Hotel Brand and India's Strongest Brand, Taj continues to strengthen its position at the forefront of the luxury hospitality sector. The launch of Taj Mount Kusur Resort & Villas marks our entry into the branded villa segment, broadening our portfolio to address evolving consumer preferences while bringing the trust, service excellence and legacy of the brand to a new category of luxury real estate.”

The villas take inspiration from contemporary barn-style architecture, with expansive glass façades and spacious verandahs that connect the homes with the surrounding landscape.

A key feature of the development is the two-acre Wabi-Sabi Central Park, inspired by the Japanese philosophy of simplicity and harmony with nature. The wider project will include a Miyawaki forest, nature trails, zen gardens, stargazing decks, golf putting greens, a fitness lawn and multi-purpose sports courts.

Residents will also have access to Club Amavi, which will offer wellness and recreation facilities along with banquet and dining spaces.

The branded villas will be offered for sale through a lease-back programme, with the villas integrated into the resort inventory. Owners will have access to Taj hospitality services including concierge assistance, housekeeping and maintenance, along with the leisure and wellness facilities available at the resort.

Mr. Apurv Kumar, Managing Director, Clarks Group of Hotels and Founder, Amavi, said, “Second homes are bought to create more time, time with family, time in nature and time for oneself. Yet too often, they become another responsibility. At Amavi, our purpose is to change that. Taj Mount Kusur Resort and Villas brings together the privacy and permanence of a home with the care and service of Taj hospitality. Rooted in the Western Ghats, it also reflects our belief that meaningful development must respect the land and create value for the communities around it. We want Mount Kusur to be not merely a property people own, but a place they return to, belong to and come to.”

The development is also designed around low-density planning, integrated amenities and professionally managed services, giving homeowners the privacy of villa ownership along with the convenience of a luxury resort.

Mr. Sachin Agrawal and Mr. Bajrang Bararia, Founders, Amavi, said, “With Taj Mount Kusur Resort and Villas, Amavi has sought to create a residential offering that combines design, nature and hospitality. Luxury consumers today are increasingly seeking experiences that combine the privacy of a second home with the services and assurance of a hospitality brand. The project's low-density planning, integrated amenities and professionally managed services are intended to provide homeowners with the privacy of villa ownership and the convenience of a luxury resort. Amavi is pleased to partner with IHCL in bringing this vision to life under the Taj brand.”

Located between Mumbai and Pune, Lonavala is an established leisure destination known for its valleys, lakes and waterfalls. Its connectivity and natural setting have made it popular among leisure travellers, wellness seekers and second-home buyers.

The Taj Mount Kusur project brings together this established destination appeal with branded villa ownership and hotel services, marking a new direction for Taj as it expands its luxury portfolio.

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