IHCL gains after foraying in Europe, opens Taj in Germany

The hospitality major is also present in Bhutan, Maldives, Nepal, South Africa, Sri Lanka, United Arab Emirates, and Zambia.

Shares of Indian Hotel Company Limited traded over a percent higher to Rs 429 in early trade on September 15, a day after it signed a Taj Hotel in Frankfurt, Germany under an operating lease arrangement.

The company said that the Taj Hotel Hessischer Hof Frankfurt in Germany will re-open in 2025 after refurbishment. While the new design will feature modern accents, it will also preserve the architectural integrity of the historical structure.

Follow our market blog for all the live action

The Grandhotel Hessischer Hof, featuring approximately 117 rooms, was acquired by Peakside Capital Advisors AG in 2022, along with an adjacent office building. The hotel had previously operated as a 5-star establishment with 121 rooms and suites, for an undisclosed sum.

The 134-room Taj Hotel Hessischer Hof is centrally located in close proximity to the Frankfurt trade fair grounds - one of the largest conventions and meeting spaces in Germany, the company said in a press release statement on September 14.

Speaking on the development, Puneet Chhatwal, managing director and chief executive officer of the company said, "This is a milestone in our journey as we expand our footprint in key international gateway cities. Frankfurt is one of Europe’s most dynamic destinations. We are proud to gain a foothold in such an iconic structure."

The news gains significance as this is the second launch in quick succession. In early September, IHCL announced the opening of WOW Crest, an IHCL SeleQtions hotel in Indore, Madhya Pradesh. The 125-key hotel is located close to the airport, the city's industrial hubs and prominent landmarks.

Among its key international subsidiaries, UOH Inc. owning US hotels registered a turnover of Rs 657 crore and St. James Court Hotel Ltd. owning UK hotels registered a turnover of Rs 418 crore during the fiscal. The hospitality major is also present in Bhutan, Maldives, Nepal, South Africa, Sri Lanka, United Arab Emirates, and Zambia. Some of these are in the form of fully owned subsidiaries, while others are joint ventures and associate companies.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.