Tata group hospitality firm Indian Hotels Company (IHCL) plans to open 34 new hotels globally to take the tally to 156 hotels with a total of nearly 20,000 rooms by 2017.
The company which currently has 122 hotels said it will mainly follow an management contract model that would be asset light for the future expansion.
"We plan to have a total of 156 hotels with 20,000 rooms
in next four years as part of our expansion plans. The hotels will be across all our brands," Indian Hotels Company Managing Director & CEO Raymond N Bickson told PTI.
He was speaking on the sidelines of the launch of its 105th hotel at Surajkund in Faridabad. The new 287 rooms hotel property is under its upper upscale brand, 'Vivanta by Taj Hotels and Resorts', taking the number of properties under the Vivanta brand to 28.
On the model the company will follow for expansion, Bickson said: "Most of the new hotels will be under the management contract and asset light model. This is necessary if we want to get more market share."
Currently around 20 per cent of the company's portfolio are under the management contract and 80 per cent are on various levels of equity and joint ventures, he added.
"In future over 80 per cent growth will be through management contracts," Bickson said.
Apart from increasing it's presence in the country the company is also looking at overseas expansion. "It is important for us to have a balance of portfolio and for this it is important to have business globally," he added.
The hospitality major currently operates in four categories ranging from the luxury brand Taj, upper upscale brand Vivanta by Taj Hotels and Resorts, upscale/mid-market hotels and resorts under the Gateway Hotel brand and economy hotels under the Ginger brand.
Taj Hotels Resorts and Palaces currently comprises 105 hotels across India and 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.
IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. The company opened its first property, The Taj Mahal Palace Hotel in Mumbai in 1903.