INDIA ’ S INDUSTRY LEADER HAS DONE A GOOD JOB MINIMIZING LOSSES , WHILE GROWING WHERE NEW OPPORTUNITIES EXIST .
By KATHAKALI NANDI
Mere months before the world was forced to shut down due to the COVID-19 pandemic in 2020 , the Mumbaiheadquartered Indian Hotels Co . Ltd . ( IHCL ) was riding high on the success of one of the most profitable years in the history of the company . “ We were in a high achieving zone . We said we would add 15 new contracts every year for five years when we announced our strategy for 2022 . Since announcing the strategy , we achieved 80 % of our goals in 50 % of the time ,” says Puneet Chhatwal , managing director and CEO of IHCL . “ We signed almost 27 contracts in the year and life was going fine until we were struck with COVID . We were back to ground zero . It was a reminder that things happen differently than you imagine or hope .”
As the year progressed and people thought the worst was over , India was hit by an even deadlier second wave of COVID , forcing hotels to be shut all over again after a brief period of much-needed recovery .
“ We were doing fine till mid-March and the second wave hit India . It left its devastating impact in north India , especially in New Delhi , around April ,” Chhatwal tells HOTELS .
The lounge at Chambers , the exclusive members-only club in the recently refurbished Taj Mahal Hotel in New Delhi
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