Indian Hotels Company (IHCL) South Asia’s largest hospitality company, announced that its iconic brand, Taj 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.
David Haigh, CEO, Brand Finance, said, “A brand with a century old legacy and a custodian of the revered Indian hospitality has stood resilient in spite 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.”
The Hotel 50 2021 report also highlighted the company’s successful implementation of its R.E.S.E.T 2020 strategy, which provided a transformative framework, helping the Taj brand surmount pandemic related challenges.
When it came to the world's most valuable hotel brands, Hilton topped the list despite recording a 30 percent drop in brand value to $7.6 billion, the report said.
Hilton's rival, Marriott dropped to 5th spot from 2nd (last year), after losing more than half of its brand value, down 60 percent to $2.4 billion.
On the other hand, Hyatt checked into the 2nd spot with a 4 percent increase at $ 4.7 billion, while Holiday Inn was at 3rd despite a 16 percent dip at $3.77 billion and Hampton by Hilton at 4th with a decline of 26 percent at $2.86 billion.
The report said as holidays are cancelled and people are instructed to work from home, the hospitality sector has reached an almost complete standstill both from tourism, as well as corporate travel.
"As a result, the total value of the top 50 most valuable hotel brands has decreased 33 percent year-on-year, down from $70.2 billion in 2020 to $47.4 billion in 2021," it added