Tata Group hospitality agency Indian Hotels Company Ltd (IHCL) on Friday stated its ‘Taj’ model has been rated because the strongest lodge model on this planet.
According to the ‘Hotels 50 2021’ report by Brand Finance, Taj topped the strongest manufacturers checklist for having stood resilient regardless of the challenges posed by the pandemic, in addition to different achievements.
The Taj model has re-entered the rating for the primary time since 2016 when it was at thirty eighth spot.
Brand Finance, a worldwide model valuation consultancy agency, evaluates the relative energy of manufacturers, primarily based on components comparable to advertising funding, buyer familiarity, workers satisfaction, and company fame.
“According to these criteria, Taj (brand value USD 296 million) is the world’s strongest hotel brand, with a Brand Strength Index (BSI) score of 89.3 out of 100 and a corresponding AAA brand strength rating,” Brand Finance stated within the report.
The Taj is adopted by Premier Inn at second place, Melia Hotels International (third), NH Hotel Group (4th) and Shangri-La Hotels and Resorts (fifth).
Commenting on the feat, IHCL Managing Director & CEO Puneet Chhatwal stated,”Taj being rated because the World’s Strongest Hotel Brand is a testomony to the unwavering belief our visitors have persistently positioned in us and the heat and honest care our workers have embodied day-after-day.”
He additional stated,”We will proceed our endeavour to raise the world class experiences of luxurious hospitality and ship the magic of ‘Tajness’ to all our stakeholders.”
Brand Finance CEO David Haigh stated, Taj, a model with a century outdated legacy and a custodian of the revered Indian hospitality has stood resilient inspite of the challenges posed by the continued pandemic. Global travellers have relied upon and examined manufacturers in several methods and Taj has emerged on high.
According to the report, Taj is famend for its world-class customer support and the luxurious lodge chain scores very nicely in Brand Finance’s ‘Global Brand Equity Monitor’ for consideration, familiarity, advice, and fame particularly throughout its house 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,” the report stated.
When it got here to the world’s most useful lodge manufacturers, Hilton topped the checklist regardless of recording a 30 per cent drop in model worth to USD 7.6 billion, the report stated.
Hilton’s rival, Marriott dropped to fifth spot from 2nd (final 12 months), after dropping greater than half of its model worth, down 60 per cent to USD 2.4 billion.
On the opposite hand, Hyatt checked into the 2nd spot with a 4 per cent improve at USD 4.7 billion, whereas Holiday Inn was at third regardless of a 16 per cent dip at USD 3.77 billion and Hampton by Hilton at 4th with a decline of 26 per cent at USD 2.86 billion.
The report stated as holidays are cancelled and individuals are instructed to work at home, the hospitality sector has reached an nearly full standstill each from tourism, in addition to company journey.
“As a result, the total value of the top 50 most valuable hotel brands has decreased 33 per cent year-on-year, down from USD 70.2 billion in 2020 to USD 47.4 billion in 2021,” it added.
