India and China are often duking it out when it comes to the number one country in Asia for hotel development. But recently the two are joining forces. Indian Hotels Company's current growth target is the Chinese, reports Forbes, and China tourism companies are glad to welcome them.
"The $1.2 billion hotel company managed by the Tata Group out of Mumbai has four new hotels going up in China this year, more than in any other country," Forbes reports. "It partnered with Yunnan Tourism Company in 2012 to jump start IHC's entrance into a market the travel pros can't seem to get enough of."
Raymond Bickson, CEO of IHC, tells Forbes that the luxury target in today's market is the Chinese. "In the eighties it was all about the Japanese luxury traveler. In the nineties it was the Russians. And now, China is the market everyone wants to either be in, or bring to them," he says.
The company owns, leases or manages 125 hotels in 12 countries. In China, they will take over a property near the Temple of Heaven in Tiantan Park in Beijing. Taj will also manage a 300-room luxury resort in Hainan Island.
Taj Hotels Resorts and Palaces has 36 hotels in the pipeline, and has been building one new hotel every nine weeks over the past two and a half years.
"Our goal is to have a group turnover of $2 billion with 40 percent of our revenue coming from international operations by 2017," Bickson says.