Taj aced the list of strongest hotel brands globally in spite of the Covid-19 predicaments faced by the industry, according to the Brand Finance- ‘Hotel 50 2021’ report.
“This is a proud moment for the Indian hospitality industry on the global stage. This 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,” said Puneet Chawala, Managing Director and CEO- IHCL.
While global travelers tested and relied upon brands in distinct ways, the Taj hotel brand (IHCL) stood strong through the test of time, with the firm’s R.E.S.E.T. 2020 strategy which facilitated a framework to tackle the pandemic-induced turbulence.
“We will continue our endeavor to elevate the world-class experiences of luxury hospitality and deliver the magic of ‘Tajness’ to all our stakeholders,” said Puneet acknowledging the accomplishment.
Taj Hotel Brand
The luxury hotel chain is synonymous with distinguished customer service and scores exquisitely in terms of familiarity, reputation, consideration, and recommendation especially across its Indian home market in the ‘Global Brand Equity Monitor’- Brand Finance.
The report also stated that Taj’s re-entrance into the ranking (38th spot), for the 1st time since 2016, is accredited to the successful implementation of the brand’s 5-year plan, with a focus on the sale of non-core assets, reducing dependence on luxury space and becoming less ownership driven.
As per the report, despite recording a 30 % slump in its brand value to USD 7.6 billion, Hilton took the first spot for the most valuable hotel brands globally. Marriot sank to 5th place from 2nd last year, after losing 60% of its brand value at USD 2.86 billion.
Hyatt took 2nd place with a 4% hike at USD 4.7 billion, Holiday Inn at 3rd even with a 16 % dip at USD 3.77 billion, and Hilton’s Hampton at 4th spot after a decline of 26 % at USD 2.86 billion.
A 33% decrease in the total value of the top 50 most valuable hotel brands from USD 70.2 billion in 2020 to 47.4 billion in 2021, has forced the hospitality sector to adopt transformative network strategies to overcome the pandemic blues.