Puneet Chhatwal eyes top 3 spot for Taj Hotels in global hospitality

Puneet Chhatwal, MD & CEO of Indian Hotels Company Limited (IHCL), laid out a bold vision for the future of Taj Hotels while speaking at the India Today Conclave on the session ‘Crafting Desire: Redefining Exclusivity’ on Thursday.
He envisions the brand securing its place among the top three global hospitality companies in the next five years, a goal driven by Taj’s ethos of service, adaptability to changing luxury trends, and a commitment to sustainable growth.
Chhatwal highlighted the core values that have driven Taj’s success over the decades. He described the brand’s identity as deeply rooted in an ethos of service known as ‘Tajness’.
He mentioned that it is a philosophy built by generations of forefathers who prioritised quality, service, and the trust of stakeholders.
“You cannot change core values like trust, awareness, and joy of what we do,” Chhatwal aid, noting how these principles helped the company weather challenges, including the COVID-19 pandemic.
In a world where external factors like inflation and rising costs have altered the hospitality landscape, especially in regions outside India where prices have tripled while service has deteriorated, Chhatwal proudly pointed out that Taj Hotels emerged stronger.
“Taj came out with flying colours after COVID,” he said, mentioning that the brand’s foundation in service and values allowed it to remain resilient and continue delivering exceptional experiences.
A key theme of the session was the changing face of luxury. Chhatwal said that luxury today is becoming more experiential, appealing to a wider range of customers across different price points.
While this trend has long been observed in developed markets like the G7 and G10 countries, India is now embracing it.
According to Chhatwal, “Luxury is timeless, but at the moment, it is becoming more experiential in every price segment.”
He linked this to the evolving aspirations of customers across the globe. “Aspiration is at every end of customer service,” he remarked, highlighting that luxury brands must continually adapt to remain relevant and in tune with consumer expectations.
Taj Hotels’ expansion strategy has been nothing short of impressive. From a portfolio of 33 hotels five years ago, the company now manages 112 properties, a testament to its rapid growth.
Chhatwal discussed the importance of balancing asset-heavy and asset-light models, a strategy he once advocated heavily for but has since reconsidered.
“I propagated asset-light earlier but have realised that it’s not always true,” he admitted, reflecting on the company’s significant investments, including two islands being developed in Lakshadweep and a planned investment of over Rs 3,000 crore in the next five years.
The expected payback period is less than four years, demonstrating the brand’s confidence in the rising demand for luxury travel.
Looking toward the future, Chhatwal conveyed his confidence in Taj’s trajectory. The brand has been operating for over 120 years, and while change in a company of its scale can be slow, it is unstoppable once it gains momentum.
“A 120-year-old big, heavy tanker takes time to get rolling, but once it starts, it’s difficult to stop,” he remarked.