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In 2023, IHG Hotels and Resorts, a leading global hospitality company, experienced a significant rebound that surpassed pre-pandemic levels, signalling a period of extraordinary growth in the tourism industry, according to a senior company official.
Throughout the year, IHG Hotels & Resorts, headquartered in the UK, observed remarkable progress, driven by what the official described as "unprecedented growth" within the tourism sector. The company, renowned for managing well-known brands like Holiday Inn, Holiday Inn Express, Crowne Plaza, Intercontinental and Six Senses in India, launched its premium lifestyle brand Voco in January. The inaugural property in Jim Corbett, North India, marked a new chapter for the brand. Notably, the company secured 15 new deals during the year, signifying its expanding footprint.
Sudeep Jain, Southwest Asia managing director at IHG Hotels & Resorts, highlighted the record-breaking nature of the year, citing both operational achievements and substantial growth. He acknowledged the industry's remarkable expansion as a key factor behind the company's success, noting a revenue surge that elevated the company's market share by 1.2%.
Jain noted that the revenue surge was mainly due to increased occupancy rates and room rates. Across their diverse portfolio, the average occupancy rose to around 75%, a significant increase from pre-Covid-19 levels of 60%. This achievement was noteworthy, considering the ongoing impact of the pandemic on complete corporate travel recovery.
Over the past decade, IHG's India portfolio has experienced exponential growth, expanding by 286% with the addition of 30 properties and 4,822 rooms. Looking forward, the company ambitiously aims to add another 45 hotels in the next three to five years, increasing the room count to 6,996.
Jain attributed this year's impressive growth to a shift in the mindset of Indian travellers, noting a stronger inclination to travel more frequently. He mentioned factors such as improved infrastructure, enhanced facilities like DigiYatra, and overall travel convenience as contributing to this change.
With a focus on further expansion, IHG Hotels & Resorts increased its market share by over 20% through the addition of 15 new properties this year. More than one-third of these properties belonged to the luxury and premium segments, including five Voco properties in strategic locations.
Eyeing the future, Jain revealed plans to introduce luxury brands Regent and Kimpton to the Indian market, emphasising the importance of selecting the right locations and partners for these offerings. While mainstream brands currently contribute to 75% of revenue, about 20% comes from premium offerings, and the remainder from luxury properties
In conclusion, Jain outlined a strategic focus on resort offerings, underscoring their potential to have a lasting impact. He expressed aspirations to expand resort properties, envisioning a landscape enriched with blue and green surroundings, suggesting a harmonious integration of resort properties across the country.
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