IHCL Is Racing Past Its 2030 Goal of 700 Hotels. Now It Needs a Bigger Number

Taj-owner Indian Hotels Company (IHCL) expects to pass its 700-hotel target for 2030 by March next year. The company said it will announce a higher goal next month.

IHCL has 670 hotels either operating or in development. CEO Puneet Chhatwal said that as of Tuesday, 392 hotels were open, with four more due this month. The company signed 47 hotels and opened 20 in the first half of the fiscal year, and is targeting 50 openings for the full year.

Most of the growth is coming without IHCL having to own the hotels. Of the roughly 34,800 rooms in its pipeline, 94% are capital-light, and mainly management contracts. Management fee income rose 25% to INR 1.6 billion ($16.9 million). CFO Ankur Dalwani said he would be “disappointed” if fees did not cross INR 10 billion ($105 million) within two ye