Indian Hotels Company Limited (IHCL), the parent company of Taj Hotels, has issued a clarification regarding recent media reports about The Pierre hotel in New York City. The company has stated that Taj does not own The Pierre property, addressing speculation that has been circulating in various news outlets.

Ownership and Operations

In a disclosure to the stock exchanges, IHCL provided clarity on its relationship with The Pierre hotel:

• IHCL does not own The Pierre, New York.
• The company holds leasehold rights for the hotel.
• Operations at The Pierre continue as usual.

Response to Media Reports

The clarification comes in the wake of recent media coverage, including an article in the Times of India with the headline "Taj may exit NYC's Pierre in $2bn deal." IHCL has characterized these reports as "misleading and speculative."

Company's Stance on Disclosure

IHCL emphasized its commitment to transparency and regulatory compliance:

• The company adheres to the highest standards of governance and disclosure.
• Any material information requiring disclosure under applicable regulatory requirements will be promptly communicated to the stock exchanges.

Market Impact

This clarification is significant for investors and market watchers who closely follow developments in the hospitality sector. By addressing the rumors directly, IHCL aims to prevent any unwarranted speculation about its international portfolio and strategic direction.

The company's swift response to the media reports demonstrates its proactive approach to investor relations and its commitment to maintaining clear communication with stakeholders.

As the situation unfolds, investors and industry observers will likely continue to monitor any further developments regarding IHCL's international operations and strategic decisions.

Indian Hotels Company Limited (IHCL), a prominent player in the hospitality sector, has achieved a significant milestone with its premium homestay brand, ama Stays & Trails. The brand has expanded its portfolio to 150 bungalows with the opening of Anand Bhawan Palace in Kannauj, Uttar Pradesh, marking its debut in the state.

Historic Property in Kannauj

The newly opened Anand Bhawan Palace, originally constructed in 1929, has been meticulously restored to offer a luxurious homestay experience. The property features six spacious suites, each named after Kannauj's traditional perfumes, paying homage to the city's rich cultural heritage.

Strategic Expansion

This expansion aligns with the growing demand for private stays and immersive travel experiences. IHCL's Executive Vice President, Deepika Rao, emphasized the brand's accelerated growth pace and its focus on providing heritage-infused stays for discerning travelers.

ama Stays & Trails' Growth Trajectory

The opening of the 150th property underscores ama Stays & Trails' rapid expansion in the premium homestay segment. This growth reflects IHCL's strategic approach to diversifying its offerings and tapping into emerging travel trends.

Market Implications

For IHCL, this expansion represents a strategic move to capitalize on the increasing popularity of experiential and private accommodations. By entering Uttar Pradesh, a state with rich cultural and historical significance, IHCL is positioning itself to attract travelers seeking unique, immersive experiences.

The continued expansion of ama Stays & Trails could potentially contribute to IHCL's revenue streams and market presence, especially in the growing segment of discerning travelers looking for alternatives to traditional hotel stays.