IHCL to open eight new hotels this year, eyes 30% growth next five years

Indian Hotels Company (IHCL) will be opening eight new hotels this year and is targeting a 30 per cent revenue growth over the next few years as the sentiment has turned positive for the industry, company chairman said. Addressing the sahreholders at the AGM, chairman N Chandrasekaran said IHCL intends to significantly increase the domestic footprint this year by opening eight new hotels. "We have drafterd a '3R' (restructure, reengineer and reimagine) strategy with the objective of doubling the room keys and expanding the operating margin by 800 bps over the next five years. "Accordinngly we will open eight new properties this year in the country," he said, adding "we are growing at 8-10 per cent now and we plan to increase this to 30 per cent in the next few years."