The hospitality industry is expected to perform well, barring unforeseen circumstances, and Indian Hotels Co Ltd is expected to increase engagement, its chairman N Chandrasekaran said on Thursday.
Responding to questions from shareholders at the Indian Hotels Company’s Annual General Meeting on how the company will tap the market, Chandrasekaran said: We are making an expansion plan. We want to touch 300 properties by 2025. Our rooms will grow to over 35,000 and the company is spending money from the Employees Welfare Fund to support the families of the employees.
He said the company has no plans to raise any more capital.
“We have no plans to raise any more capital. I think the company is sufficiently capitalized and I believe we will generate the right cash flow to be able to support growth and look forward to being involved on behalf of the company.” There are no plans. Storage space.”
Sharing the expansion plans for the North-East, he said that there are plans to open 3 to 7 more hotels in the region at present, taking the total number of hotels to 10 in the next two years.
Sharing the future outlook for the industry, Chandrasekaran said: “We believe the industry will do well barring any unforeseen circumstances to come. The outlook at present looks quite strong. Last year our occupancy was 49 per cent standalone and consolidated. Basis was 53 per cent.. But this year we are above 65 per cent in last 2-2.5 months. So occupancy is expected to increase and we are confident that the industry will do well.”
This story has been published without modification in text from a wire agency feed. Only the title has been changed.