Indian Hotels Company (IHCL), South Asia’s largest hospitality company, announced that its iconic brand, Taj, has been rated the Strongest Hotel Brand in the World by Brand Finance, the world’s leading brand valuation consultancy in its annual ‘Hotels 50 2021’ report. This report recognizes the most valuable and strongest hotel brands across the globe.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903.
Taj scored an overall Brand Strength Index of 89.3 out of 100, with a corresponding top rating for ‘customer familiarity, employee satisfaction and corporate reputation as well as its world-class customer service’, according to the Brand Finance report.
Puneet Chhatwal, Managing Director & Chief Executive Officer, Indian Hotels Company, said, “This is a proud moment for the Indian hospitality industry on the global stage. Taj being rated as the World’s Strongest Hotel Brand 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.”
In addition to measuring overall brand value, Brand Finance said it also evaluates the relative strength of brands, based on factors such as marketing investment, customer familiarity, staff satisfaction, and corporate reputation.
According to these criteria, Taj with a brand value of $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.
Taj luxury hotel chain scored very well on Brand Finance’s ‘Global Brand Equity Monitor’ for consideration, familiarity, recommendation, and reputation especially across its home 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 Brand Finance report added.
When it came to the world’s most valuable hotel brands, Hilton topped the list despite recording a 30 per cent drop in brand value to USD 7.6 billion, the report said.
Hilton’s rival, Marriott dropped to 5th spot from 2nd (last year), after losing more than half of its brand value, down 60 per cent to USD 2.4 billion.
On the other hand, Hyatt checked into the 2nd spot with a 4 per cent increase at USD 4.7 billion, while Holiday Inn was at 3rd despite 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.
