IHCL s MD & CEO Puneet Chhatwal emphasized the need for granting industry status to the hospitality sector. Chhatwal highlighted the longstanding issue of being taxed as a luxury, with the sector facing the highest tax rates and limited exemptions. He expressed that this change is not only crucial for IHCL but for the entire industry.
In a recent announcement, Tata group s Indian Hotels Company revealed the inauguration of Taj Taal Kutir in Kolkata. Situated in close proximity to the Kolkata International Airport, this new addition aims to offer a convenient and luxurious hospitality experience for visitors.
Speaking of the chain, Chhatwal said while IHCL was always iconic, it has just added the words most profitable to its vision. "IHCL continues to set new benchmarks for the industry every day. We have demonstrated a strong financial turnaround underpinned by margin expansion (nearly doubled in five years) and enhancing the balance sheet strength," he said.
As per Sharekhan, the ARRs in IHCL’s Delhi and Bengaluru properties is expected to jump by 10-100 per cent and 15-70 per cent, respectively, during the World Cup period, compared with the off-season rates.