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Indian Hotels Company (IHCL), the operator of Taj brand of hotels, intends to open 24 more hotels under its affordable Ginger brand in the next 2-2.5 years, taking the total number to 86. The move will also help the Tata Group company extend the brand to another 20 cities. The Ginger brands primarily operate on a ‘lease model,’ with the company leasing the properties for 10-30 years. Ginger opened its first hotel in Bengaluru in 2004, and it is a midscale brand in IHCL’s portfolio. IHCL intends to increase Ginger’s footprint from its current 40 cities to 60 by opening at least 10 hotels annually in new cities as well as in existing cities, like in Mumbai or Kochi. Strong travel demand is fuelling the new hotel openings, which will be located in a variety of markets including Agra, Ahmedabad, Durgapur, Dehradun, Goa, and Gangtok. The firm now has plans to open in Durgapur (West Bengal) in December, one in Coimbatore (Tamil Nadu) in January and later in Srinagar (Jammu & Kashmir). IHCL is also setting up Ginger hotels in Kochi, Patna and North Goa, and also expanding its footprint in the east, including Dibrugarh and Jorhat in Assam. After the additions, Ginger’s total key strength would be 8,500 keys spread across 86 hotels. However, Ginger does not plan to launch properties outside of the country. IHCL opened another Ginger brand hotel in Mumbai recently, in Kochi earlier in June, and Gangtok (Sikkim) in November. The company has already opened five facilities across the country this fiscal year. Ginger brand’s enterprise revenue grew to 360 crore in FY23 from 200 crore in FY18, banking on signing of new deals. The Indian Hotels Company Ltd (IHCL) is primarily involved in the ownership, operation, and management of hotels, palaces, and resorts. It has a powerful portfolio of compelling brands - Taj, SeleQtions, Vivanta, Ginger, and amã Stays & Trails. According to the Indian Hotels report, the company’s net revenue decreased 16.27% year on year from Rs 1,232.6 crores in Q2FY23 to Rs 1,433.2 crores in Q2FY24. On a quarter-on-quarter basis, their revenue declined 2.2% from Rs 1,466.3 crore in Q1FY24 to current levels. In addition, net profit rose 38.1% year on year, from Rs 129.59 crores in Q2FY23 to Rs 178.97 crores in Q2FY24. On a sequential basis, their net profit plunged by 24.1% from Rs 236.01 crores in Q1FY24 to current levels.
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