Tata Group hospitality firm Indian Hotels Co Ltd (IHCL) on Thursday said it plans to open 34 new hotels globally to take the tally to 156 hotels with a total of nearly 20,000 rooms by 2017.
The company, which currently has 122 hotels said it will mainly follow an management contract model that would be asset light for the future expansion.
“We plan to have a total of 156 hotels with 20,000 rooms in next four years. The hotels will be across all our brands,” Indian Hotels Company MD & CEO Raymond N Bickson said. He was speaking on the sidelines of the launch of its 105th hotel at Surajkund in Faridabad. The new 287 rooms hotel property is under its upper upscale brand, ‘Vivanta by Taj Hotels and Resorts’, taking the number of properties under the Vivanta brand to 28.
Currently around 20% of the company’s portfolio are under the management contract and 80% are on various levels of equity and joint ventures, he added.
“In future over 80% growth will be through management contracts,” Bickson said. Apart from increasing it’s presence in the country the company is also looking at overseas expansion.