Puneet Chhatwal’s Global Playbook

The hospitality market in India today presents a significant opportunity, with the sector witnessing consecutive quarters of double-digit revenue growth and demand outpacing supply. However, the country remains undersupplied and is estimated to reach 3,00,000 chain-affiliated rooms by 2030. The segmental distribution is expected to be balanced across luxury and economy segments, reflecting penetration beyond the top 10 lodging markets into Tier II & III cities and spiritual destinations. With the entry of institutional players and a growing number of companies accessing the capital market, coupled with rapid infrastructure development and increasing policy support, hotel development will be multi-dimensional, spanning newer formats, segments, and markets.

Travel today is far more nuanced than it was a decade ago. Guests are looking for different experiences depending on the purpose of their journey. The evolution of our portfolio reflects this shift. Today we have expanded our brandscape to 14 major brands across all segments, including onboarding Claridges Collection, a boutique luxury offering; acquiring a controlling stake in Atmantan, an integrated wellness centre; and acquiring Brij Hospitality, an experiential leisure offering. Like a string of pearls, each brand has a clearly defined identity and purpose, coming together to create a portfolio that caters to the diverse travel needs of today’s consumer.

IHCL’s hospitality ecosystem is on track to build a portfolio of 700 hotels by 2030, catering to diverse market segments and traveller needs. Growth in hotel count will be driven by the re-imagined Gateway brand in the upscale segment, Ginger in the mid-scale category, and Tree of Life in the experiential leisure space, while the iconic Taj brand will continue to be the backbone of IHCL’s brandscape. Besides hotels, the alternative accommodation segment with amã Stays & Trails has today scaled to a portfolio of about 400 bungalows, including over 190 under development across 50 destinations.

India's branded hospitality market was traditionally concentrated in the luxury and upper-upscale segments. However, over the past few years, supply growth has accelerated across the upscale, mid-scale and economy segments, resulting in a more even distribution. Emerging formats such as all-inclusive resorts, alternative accommodations, large-scale convention hotels and transit hotels, among others, are expected to shape the next phase of growth.

Internationally, IHCL has recently expanded into some of the world's most compelling destinations. The opening of Taj Hessischer Hof Frankfurt marks a significant milestone in strengthening Taj's presence in Europe. In Southern Africa, Taj Bush Lodge in the Greater Kruger offers an intimate luxury safari experience. In Bhutan, the openings of Taj Paro Resort & Spa and Taj Gangtey Resort & Spa bring the Taj hospitality experience to two of the country's most picturesque valleys. The Middle East remains a focal point, with projects in Makkah, Riyadh, Bahrain, and Ras Al Khaimah.

In India, recent openings include Taj Palace in Lucknow and additions of Taj Lalit Bagh, Udaipur and Taj Gorbandh Palace, Jaisalmer, in Rajasthan. In the coming months, we will welcome guests to Taj hotels in Pushkar, Hampi, Bengaluru and Mysore. We are also looking forward to the opening of Taj Pushpabanta Palace in Agartala, a landmark palace hotel in the Northeast, and to two new island resorts in Lakshadweep.

For the hospitality industry, the challenge is to address structural issues to build a complete ecosystem. The first structural challenge is taxation. Tourism competes globally. A traveller choosing between India, Thailand, Vietnam, Dubai, Singapore or Europe is not only comparing attractions. They are comparing cost, convenience and experience. If our tax structure makes the final offering less competitive, we lose value before the traveller even arrives.

The second is regulatory complexity. Many tourism projects, especially hotels and resorts, are capital-intensive and have long gestation periods. When approvals are fragmented, timelines become uncertain, and costs increase. This affects investment appetite. Ease of doing business has to be experienced at the ground level.

The third is talent. Tourism is a people-led sector. The quality of the experience depends on the quality of service, and service depends on training, dignity of employment and career pathways. Skilling must be central to tourism policy. At IHCL, for example, skilling and community-linked employment have been an important part of our larger social commitment, and this is the kind of approach the sector needs at scale.

Lastly, positioning. India has everything the world is looking for, but we must present it with consistency, quality and confidence. Tourism is not only about arrivals. It is about national branding. It tells the world who we are.

Fifteen to twenty years ago, India was presented to the world largely through its monuments, and rich culture and the Incredible India campaign, launched in early 2000, did so very well. Today the message should be broader and more confident. India offers living heritage, wellness rooted in Ayurveda and yoga, wildlife, outstanding cuisine, luxury, and world-class conventions, all delivered with the warmth of Atithi Devo Bhava.

We should invite visitors not only to see India once, but to return to it.

At the core of any successful organisation are undeniably the human connections that drive its growth—my time in different countries across Europe and America over three decades reinforced the pivotal role of relationship capital in forging successful partnerships.

My time in hotel development taught me that it’s about structuring the right contract with the right brand for the right market, rather than blindly applying successful strategies from one market to another.

My collective experiences across the world have shaped my leadership style into a combination of American marketing, European management, and Asian emotional intelligence.