IHCL announces new management contracts with Ambuja Neotia group for hotels in East India


NEW DELHI: Indian Hotels Company (IHCL) has signed three new management contracts with the Ambuja Neotia group for two hotels in Kolkata and the first branded luxury hotel in Patna, the chain said on Monday.

Besides the new contracts, IHCL will launch the Taj Chia Kutir in Darjeeling in partnership with the Ambuja Neotia group on December 14 and another hotel, the Taj Guras Kutir in Gangtok is expected to open in partnership with the group towards the end of next year.

IHCL said it currently manages 1000+ keys across 10 hotels in East India and has plans to take the portfolio to 23 hotels with over 2400 keys by financial year 2024.

IHCL has 207 hotels across 100 plus destinations with 46 hotels under development.

“We do believe very strongly that East India is an untapped territory and it will witness a lot of growth as also outlined in the centre’s objectives of making it a hub for future conferences and events. We are very strategically positioned to take advantage of this and expand there with all our brands,” said Puneet Chhatwal, MD and CEO, IHCL.

“Our focus in these capital cities would be with the Taj brand. Most of North East would be serviced by Vivanta and Ginger,” he added.

Harshavardhan Neotia, chairman, Ambuja Neotia group said the investment in five hotels which IHCL will manage would be around Rs 800 crore. “This would be partly by internal funding and partly by debt. As a group we have investments of Rs 1100 crore in hospitality. Rs 300 crore is already invested in about 250 rooms that we run and operate on our own,” he added.

READ  General Atlantic betting on Jio Platforms' consumer tech play: India MD

He said the group expects the Taj Hotel at Ambuja City Centre, New Town Kolkata to be operational by September next year. The Taj Hotel Eco Park, New Town Kolkata will take a year and a half to two years to complete and the group expects the Taj Hotel at Ambuja City Centre Budh Marg, Patna to open by the middle or end of 2022.

Suma Venkatesh, executive VP, real estate and development said Patna has been a hugely underserved market. “We are building a 126 rooms hotel with the Ambuja Neotia group as part of a large mixed use centre called the Ambuja City Centre in Budh Marg. We have about 1000 rooms in the pipeline out of which 50% are with the Ambuja Neotia group,” she added.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here