With close to 50 hotels in the pipeline, IHG Hotels & Resorts, one of the world’s leading hotel companies, will double its operating portfolio in India in the next 5 years. The company recorded strong signing performance in 2023 with 13 deals closed across its brands in luxury, premium and essentials categories, strengthening its footprint in cities such as Gurgaon, Jim Corbett, Mumbai, Amritsar and Goa. Close to 70% of the signings were in midscale and upper midscale segments, which continues to be a growth driver for the company in India, followed by premium and luxury.
IHG’s ambitious development pipeline including world class brands such as InterContinental Hotels and Resorts, Crowne Plaza, voco, Holiday Inn, Holiday Inn Express and Staybridge Suites underscores the company’s strategic focus on capturing the growing demand for branded accommodations across India and offer diverse hospitality experiences to travellers with different needs. Beyond established destinations, IHG is targeting high-growth secondary markets like Amritsar, Lucknow, Zirakpur, Kasauli and Katra, while reinvigorating its footing in popular tourist destinations.
The past year, IHG also announced the debut of its premium conversion brand, voco in India with a signing in Gurgaon. Powered by the strength and scale of the IHG system, voco offers owners the chance to access the upscale segment quickly. Since the launch, the brand has seen phenomenal success in the country with 4 additional signings in 2023 across key leisure & business destinations such as Jim Corbett, Mumbai, Amritsar and Goa, allowing IHG to further diversify its portfolio to meet evolving guest preferences across the country.
Haitham Mattar, Managing Director, India, Middle East and Africa, IHG Hotels & Resorts commented: “We have a long-standing history in India, and we remain committed to growing our presence across the country. India’s hospitality sector is experiencing a dynamic transformation, driven by a confluence of factors including increased disposable income, a growing middle class with a taste for travel, and the development of new tourism destinations. Our strategic expansion plan not only allows us to cater to this growing demand, but also positions IHG to be a key player in shaping the future of hospitality in India. By leveraging our diverse brand portfolio and commitment to guest experience, we will offer travelers a wider choice of accommodation options, contributing to the overall growth and vibrancy of the Indian tourism landscape.”
Sudeep Jain, Managing Director, South-West Asia, IHG Hotels & Resorts said, “We are proud to have delivered strong signing performance last year and are on track to record another successful year, fueling our growth ambitions in the country. The continued confidence of our owners in IHG’s diverse portfolio, ranging from the beloved Holiday Inn brand family to our luxury and lifestyle offerings, positions us perfectly to cater to the evolving needs of domestic and international travelers.
He added, “We have ambitious expansion plans to grow our portfolio in India across all brand segments. Our Essentials portfolio has worked extremely well for this market, which is primarily driven by domestic tourism. We have a very optimistic outlook for our growth in the luxury and lifestyle segment too. We believe that establishing a strong foundation and platform is essential for the expansion of our luxury brands further. This approach allows us to carefully select the right partners in the right locations, ensuring that we can deliver exceptional experiences that align with the expectations of luxury travelers.”
IHG’s commitment to exceptional guest experiences also translated into the group recording impressive performances. In 2023, occupancy rates across IHG hotels exceeded pre-pandemic levels by a significant margin. Additionally, RevPAR witnessed a substantial rise of over 30% compared to both 2019 and 2022. Powered by IHG’s well-loved brands, world-class loyalty programme and strength of enterprise, this growth is fueled by the resurgence of travel, increased business activity, and a rise in conferences, particularly in major cities like Delhi and Mumbai.
IHG in India operates through 6 of its core brands – Six Senses and InterContinental Hotels and Resorts in the luxury & lifestyle segment, Crowne Plaza Hotels & Resorts and voco in the premium segment, and Holiday Inn and Holiday Inn Express in the midscale and upper midscale segments.