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Tata’s Indian Hotels (IHCL) outbids ITC, retains Iconic Taj Mansingh for next 33 years

Tata's Indian Hotels (IHCL) outbids ITC, retains Iconic Taj Mansingh for next 33 years

Tata group’s Indian Hotels Company (IHCL) outbids ITC Hotels in a recent auction and will retain control of the Taj Mahal hotel, popularly known as Iconic Taj Mansingh, for next 33 years.

IHCL, which operates a chain of luxury hotels under the Taj brand, emerged winner in an e-auction conducted by the New Delhi Municipal Council (NDMC) on 28 September, 2018. The company outbid ITC, the only other bidder in the auction, for the prime property located on Mansingh Road in the National capital region (NCR).

IHCL has agreed to pay a licence fee of Rs 70.3 million per month, or 32.5 per cent of the hotel’s gross revenue, to the civic body. Until now, IHCL was paying just Rs 39.4 million every month. The hotel is one of the key assets of IHCL and it brought revenues of Rs 2.2 billion in the financial year 2016-17.

Puneet Chhatwal, MD & CEO at IHCL, said he was “delighted” that the Taj Mahal hotel would remain part of the company. “We look forward to investing in the hotel and taking it to new heights of Indian hospitality. The Taj legend will continue to serve Delhi with elegance and charm,” he added.

Indian Hotels Company signs its fourth Taj Hotel in Dubai

Tata group backed Indian Hotles Company Limited (IHCL) made an recent announcement on 18th September, 2108  that they are signing of a new Taj hotel at the Deira Creek in Dubai in partnership with Ithra Dubai LLC, a wholly owned subsidiary of Investment Corporation of Dubai (ICD).

Issam Galadari, Chief Executive Director, Ithra Dubai LLC, said, “We are delighted to partner with The Indian Hotels Company Limited and look forward to working with them to bring the iconic Taj brand to the Deira Waterfront Development in Dubai.”

IHCL has operations in Taj Dubai in downtown Business Bay and has two new hotels, Taj Jumeirah Lake Towers and Taj Exotica Resort & Spa, The Palm, Dubai opening in late 2018 and 2019.

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