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IHCL to open 15 hotels per annum for the next 5 years

Updated : January 22, 2019 08:42 PM IST

Tata Group's hospitality arm, Indian Hotels Company Ltd (IHCL), on Tuesday said it will grow at the rate of 15 hotels per annum for the next five years.

In an interview to CNBC-TV18's Priya Sheth, Puneet Chhatwal, managing director and chief executive officer, said the IHCL expects eight percent margin expansion over five years.

"At the moment, we are working with designers and planners to reposition the Taj Mansingh property, so that the most iconic hotel in Delhi continues to be for the next five decades to come," Chhatwal said, "We are still on the drawing board. It’s too early to say anything. We need another 4-6 weeks before we can make credible statements about it."

"The spend will be divided over two or three year period as we do not have plans to shut down the hotel. Normal capex plus Rs 150 crore is a figure we had given and normal capex is around 4-5 percent of gross revenue per annum," he added.
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