Taj, the iconic brand of Indian Hotels Company (IHCL), South Asia’s largest hospitality company has been rated the Strongest Hotel Brand in the World by Brand Finance, the world’s leading brand valuation consultancy in its annual ‘Hotels 50 2021’ report. This report recognizes the most valuable and strongest hotel brands across the globe.
Puneet Chhatwal, Managing Director & Chief Executive Officer, Indian Hotels Company, said, “This is a proud moment for the Indian hospitality industry on the global stage. Taj being rated as the World’s Strongest Hotel Brand is a testament to the unwavering trust our guests have consistently placed in us and the warmth and sincere care our employees have embodied day-after-day. We will continue our endeavor to elevate the world class experiences of luxury hospitality and deliver the magic of Tajness to all our stakeholders.”
Taj received an overall Brand Strength Index of 89.3 out of 100, with a corresponding AAA rating for customer familiarity, employee satisfaction and corporate reputation as well as its world-class customer service.
Renowned for its world-class customer service, the luxury hotel chain scores very well in our Global Brand Equity Monitor for consideration, familiarity, recommendation, and reputation especially across its home market of India.
Taj’s successful implementation of its 5-year plan – which focuses on selling non-core assets, becoming less ownership driven and reducing dependence on the luxury space – followed by the speedy adoption of its new R.E.S.E.T 2020 strategy, which provides a transformative framework to help the brand overcome the challenge of the pandemic, has contributed to the brand’s re-entrance into the ranking for the first time since 2016 in 38th spot.
Here are the major findings of the Brand Finance report:
- Total value of world’s top 50 most valuable hotel brands has declined by 33% (US$22.8 billion) as sector negotiates fallout from COVID-19 pandemic
- Hilton retains title of world’s most valuable hotel brand, despite recording 30% brand value decrease to US$7.6 billion
- Hyatt is fastest growing brand in top 10 and one of only two brands to record brand value growth in top 50, up 4%
- New entrant Taj is sector’s strongest, with AAA strength rating
- Leisure & tourism brands also take hit, cumulative brand value down 40%
David Haigh, CEO, Brand Finance, said, “We are excited to announce Taj as the Strongest Hotel Brand in the World. A brand with a century old legacy and a custodian of the revered Indian hospitality has stood resilient inspite of the challenges posed by the ongoing pandemic. Global travelers have relied upon and tested brands in different ways and Taj has emerged on top.”
Hilton retains top spot
Hilton once again is the world’s most valuable hotel brands, despite recording a 30% drop in brand value to US$7.6 billion. While Hilton’s revenue has taken a significant hit since the outbreak of the pandemic, the brand is showing confidence in its growth strategy, announcing a further 17,400 rooms to its pipeline, bringing the total to over 400,000 new rooms planned – an uplift of 8% on the previous year. Hilton also boasts the most valuable hotel portfolio, with its seven brands that feature in the ranking reaching a total brand value of US$13.8 billion.
Hilton’s rival, Marriott (down 60% to US$2.4 billion), has dropped down to 5th spot from 2nd, after losing more than half of its brand value. Last year, the brand’s worldwide revenue available per room was down 60% from 2019 and global occupancy was just 36% for the year.
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. IHCL has a portfolio of 221 hotels including 55 under development globally across 4 continents, 12 countries and in over 100 locations. These include Taj the iconic brand for the most discerning travelers, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionizing the lean luxe segment.