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.


Wyndham to Bring Vienna House to India with First Hotel in Vrindavan

Wyndham to Bring Vienna House to India with First Hotel in Vrindavan

By Manu Vardhan Kannan

Published on August 24, 2026

Wyndham Hotels & Resorts is set to bring its European lifestyle brand Vienna House to India with the signing of Vienna House Easy Vrindavan, the brand's first property in the country.

The 100-key hotel is expected to open in 2029 and will be developed by entrepreneur Sachin Kumar, owner and operator of Kumar Beverages Industries, in partnership with Nardev Chaudhary.

The signing comes as Indian travellers increasingly look for hotel stays that offer more than just accommodation, with greater interest in experiences, local culture and the character of a destination. While European destinations such as Switzerland, Italy and France accounted for more than 52 percent of Indian outbound travel demand to Europe last year, spiritual destinations such as Vrindavan have also seen visitor numbers reach the tens of millions. Vienna House Easy Vrindavan will bring together the brand's European-inspired design and hospitality with the traditions and character of the destination.

Commenting on the launch, Rahool Macarius, Market Managing Director, Eurasia, Wyndham Hotels & Resorts, said, "Indian travellers are increasingly choosing hotels for how they make them feel, not simply where they allow them to stay. Across Europe, Vienna House has built its reputation on creating welcoming, design-led experiences that feel connected to the communities around them. As destinations such as Vrindavan attract a broader mix of travellers seeking culture, spirituality and discovery, we see a clear opportunity to introduce a brand that combines international hospitality standards with a genuine sense of place. Together with Mr. Sachin Kumar and Mr. Nardev Chaudhary, we are excited to bring that experience to India for the first time,"

Part of the wider Vienna House brand family, Vienna House Easy offers a relaxed lifestyle experience that combines European-inspired design with the culture and identity of each destination.

The upcoming four-star, 100-key lifestyle hotel is planned to feature an all-day dining restaurant, rooftop infinity pool and poolside terrace, banquet space and a curated vegetarian dining offering inspired by local traditions.

The property will also benefit from its location near some of Vrindavan's well-known landmarks, including Banke Bihari Temple, Prem Mandir and ISKCON Vrindavan. It will also offer access from Mathura Junction, Agra and Delhi.

Speaking about the project, Sachin Kumar, Partner, Vienna House Easy Vrindavan, said, "Vrindavan is undergoing a remarkable transformation, attracting not only pilgrims but also families and travellers seeking richer cultural experiences. Together with Wyndham, we are creating a hotel that brings the warmth, character and design ethos of Vienna House Easy to India while remaining rooted in the traditions and identity of Vrindavan. We believe guests will value a hospitality experience that combines international quality, thoughtful design and an authentic connection to destination,”

The signing adds to Wyndham's plans to introduce globally recognised brands that match the changing preferences of Indian travellers. With its global presence, distribution network and Wyndham Rewards membership base of more than 126 million enrolled members worldwide, Vienna House Easy is positioned for further growth in India through partnerships with hotel owners. With the first Vienna House Easy property in India planned for Vrindavan, Wyndham is bringing a European-inspired lifestyle brand to a destination known for its strong spiritual and cultural appeal.


Pride Hotels & Resorts Marks a Homecoming with Pride Plaza Indore

Pride Hotels & Resorts Marks a Homecoming with Pride Plaza Indore

By Manu Vardhan Kannan

Published on August 23, 2026

Pride Hotels & Resorts has expanded its presence in Madhya Pradesh with the launch of Pride Plaza Indore, a 141-room upscale hotel on AB Bypass near Rau. The new property marks the group's second hotel in Indore and the first Pride Plaza brand entry into the city.

The launch also carries a personal meaning for the group, particularly for S.P. Jain, Chairman and Managing Director, Pride Hotels & Resorts, who hails from Sagar district in Madhya Pradesh. For the group, the opening represents both a business milestone and a homecoming.

"It gives us immense pleasure to launch our own hotel in the heart of India, Madhya Pradesh, in Indore. This property holds a special place for us, it is the 8th hotel owned by the group, and to have it here in Madhya Pradesh, the state I call home, makes this moment truly personal for me and for all of us at Pride Hotels,” said Jain.

Pride Plaza Indore features 141 well-appointed rooms, a swimming pool, six versatile event venues, three restaurants, a pool side lounge & bar and an expansive banquet space. The property has been planned to serve both business travellers and the city's growing wedding market, along with MICE events and social celebrations.

With the opening, Indore becomes the only city in Madhya Pradesh to have two Pride properties, with Pride Plaza Indore joining Pride Premier Indore. Along with the group's existing hotels in Bhopal, Ujjain and Jabalpur, the launch takes Pride Hotels' presence in Madhya Pradesh to five hotels.

Speaking about the group's growth strategy, Satyen Jain, CEO, Pride Hotels Limited, said, “As we move into an exciting new phase of expansion, one of our core strengths has been our strategically located and highly diversified portfolio of hotels and resorts across India. Our presence has been consciously built across key business and gateway markets, high-growth leisure destinations, and culturally significant pilgrimage hubs. This diversification has given us a balanced and resilient portfolio, with 67 percent of our keys in business markets, 18 percent in leisure cities, and 15 percent in pilgrimage destinations allowing us to capture year-round demand from corporate travellers, government business, weddings, MICE, domestic tourism, and social celebrations,”

The new property also reflects Pride Hotels' focus on creating hotels that connect with their destinations. Atul Upadhyay, Executive Director, Pride Hotels, said, "Pride Plaza Indore is a true reflection of our 5 Senses philosophy, bringing together the warmth of local hospitality with the sights, sounds, flavours and traditions of Madhya Pradesh. We are confident that under the leadership of Prantik Sengupta, general manager, Pride Plaza Indore, this property will carry the Pride brand forward and set new benchmarks for hospitality in the region."

With its location, event spaces and range of dining and leisure facilities, Pride Plaza Indore is positioned to serve Indore's business and social demand while strengthening Pride Hotels & Resorts' growing footprint across Madhya Pradesh.


Storii by ITC Hotels Expands Presence in Goa with Assagao Signing

Storii by ITC Hotels Expands Presence in Goa with Assagao Signing

By Manu Vardhan Kannan

Published on August 22, 2026

ITC Hotels Limited has expanded its presence in Goa with the signing of a management agreement for a 51-key hotel in Assagao, North Goa, under its growing Storii by ITC Hotels brand.

The upcoming Storii Assagao is being planned as a distinctive hospitality destination that draws inspiration from the character of the region. Its location will give guests easy access to Assagao’s culinary experiences, natural beauty, boutique retail offerings and some of Goa’s well-known beaches and attractions.

The hotel will feature well-appointed rooms and suites, along with an all-day dining restaurant and a selection of dining, social and recreational experiences. The signing further strengthens ITC Hotels' presence across Goa and supports its plans to grow in high-potential leisure destinations.

Commenting on the signing, Anil Chadha, Managing Director, ITC Hotels Limited, said, "Goa continues to be one of India's leading tourism markets and remains a key focus area for our leisure growth strategy. Assagao has emerged as an attractive micro-market, driven by its distinctive character, strong visitor appeal, and evolving travel preferences. Storii Assagao will seamlessly blend the essence of the locale with the brand's focus on personalized service and memorable guest experiences. We are delighted to partner with Ananda Hospitality Services Private Limited on this exciting project."

Purshottam Sharma and Dilip Sharma, Partners at M/s Ananda Hospitality Services Private Limited, said, "Assagao has steadily evolved into one of Goa's most sought-after hospitality destinations, attracting travellers looking for enjoyable and well-curated stays. We are pleased to collaborate with ITC Hotels and look forward to creating a hospitality offering that reflects the unique appeal of the region while delivering exceptional guest experiences."

The new signing adds to ITC Hotels' growing presence in North Goa, which continues to benefit from tourism demand, improving connectivity and the rising interest in experiential leisure travel.

With its tree-lined avenues, charming neighbourhoods, food scene and evolving hospitality market, Assagao has become an increasingly popular destination for travellers seeking a more relaxed Goa experience. Storii Assagao is expected to build on this appeal while adding another option for guests exploring North Goa.

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