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Indian Hotels set to hike tariffs after 2 years

Indian Hotels Company Ltd,that owns the Taj luxury chain of hotels,has said it is looking to increase its room rates by September or October this year....

Written by Express News Service | Mumbai |
August 6, 2010 3:44:13 am

Indian Hotels Company Ltd,that owns the Taj luxury chain of hotels,has said it is looking to increase its room rates by September or October this year,its first hike after almost two years and looking to add close to 1,500 new rooms in FY’11 across 13 hotels in India and South Africa.

The company proposes to continue its expansion plans on a selective basis for both business and luxury segment globally,hoping to become a global brand. Ratan Tata,chairman,Indian Hotels said,“I am upbeat about the growth prospects about the Indian hotel and tourism industry which has seen a revival since October 2009.” Total capex for new projects is Rs 959 crore spread over two to three years.

In the annual general meeting of the company held on Thursday,Tata said the company plans to selectively expand across the globe but would have to improve its profit margins further. At present,the Taj group has 104 hotels across the globe. This also includes the hotel chain ‘Ginger’. As much as 70 per cent of revenue comes from international operations whereas domestic share is 30 per cent,Tata said. Ginger Hotels is expected to be listed in the next couple of years,depending on a series of circumstances. There are currently 21 Ginger hotels. The target is to expand it to 80 in the next five years. Indian Hotels posted its April-June results last week and have posted a decline in net profit at Rs 3.33 crore from Rs 16.44 crore in the same quarter last year.

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