IHG Hotels & Resorts Thrives in 2023: Plans Luxury Expansion with Regent and Kimpton Brands in India

Record-breaking growth, strategic plans, and a focus on luxury as Sudeep Jain, IHG Managing Director, outlines the next frontier in hospitality. Surfaces Reporter (SR) reports

IHG Hotels and Resorts, a global hospitality major, exceeded pre-pandemic levels in 2023, experiencing "unprecedented growth" in the tourism industry. The UK-based company, known for brands like Holiday Inn, Holiday Inn Express, Crowne Plaza, Intercontinental, and Six Senses in India, introduced its premium lifestyle brand, voco, in January, with the first property located in Jim Corbett, North India.

In 2023, IHG signed a total of 15 new deals, marking a record-breaking year for both operations and growth. Sudeep Jain, South-West Asia Managing Director at IHG Hotels & Resorts, revealed that the company's revenue increased by 1.2%, driven by rising occupancy rates and room rates. The average occupancy across the portfolio rose to 75%, up from the pre-COVID level of 60%, despite the ongoing impact of the pandemic on corporate travel.

IHG's India portfolio has grown by 286% in the last decade, adding 30 properties and 4,822 rooms. The company plans to add 45 hotels in the next three to five years, increasing the number of rooms to 6,996. Jain attributes this growth to a shift in the Indian traveler's mindset and improved infrastructure, including better roads and facilities like DigiYatra.

Jain expressed a focus on luxury and lifestyle offerings in the coming year, with plans to introduce luxury brands Regent and Kimpton in India, targeting metro cities. Currently, 75% of IHG's revenue comes from mainstream brands, 20% from premium offerings, and the remainder from luxury properties. Jain also highlighted a focus on resort offerings to create a "halo effect" and envisions painting the country in blue and green.


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