''Taj'' rated as the strongest hotel brand in the world
- IBEF
- June 28, 2021
On Friday, Indian Hotels Company Ltd. (IHCL), a Tata Group hospitality firm, stated that ‘Taj’, the company’s brand has been rated as the strongest hotel brand globally.
As per a 'Hotels 50 2021' report published by Brand Finance, Taj topped the strongest brands list for reflecting strength amid pandemic induced challenges and restrictions.
In 2016, the Taj brand was ranked at the 38th spot. This year, the brand has re-entered the ranking for the first time since then.
Brand Finance, a global brand valuation consultancy company, assesses the strength of brands, based on factors such as corporate reputation, customer familiarity, marketing investment and staff satisfaction.
Brand Finance stated in the report, “Based on the criteria, Taj, with a brand value of US$ 296 million, and a Brand Strength Index (BSI) score of 89.3 out of 100, is the strongest hotel brand globally. The brand has secured a corresponding AAA brand strength rating.
Premier Inn secured the second ranking, followed by Melia Hotels International (3rd), NH Hotel Group (4th) and Shangri-La Hotels and Resorts (5th).
IHCL Managing Director & CEO, Mr. Puneet Chhatwal said, “The rating of Taj as the World's Strongest Hotel Brand is a demonstration to the solid confidence our guests have constantly put in us and the affection and honest care our workforces have represented day-after-day."
He further said, "We will maintain our effort to advance the world class experiences of luxury hospitality and deliver the enchantment of 'Tajness' to all our stakeholders."
Brand Finance CEO, Mr. David Haigh stated, Taj stood strong amid all the challenges in the pandemic. The world customers have shown reliance on us, that has helped us to emerge at the top.
According to the report, in Brand Finance's 'Global Brand Equity Monitor', Taj is recognized for its luxury hotel chain scores and world-class customer service very well for familiarity, consideration, reputation and recommendation especially across India.
The report said, "Taj's successful implemented its 5-year plan has helped it to emerge at the top of the list. The implementation plan focuses on reducing dependence on the luxury space, marketing non-core assets, and becoming less ownership driven– followed by the rapid adoption of its innovative R.E.S.E.T 2020 strategy, which offers a transformative framework to benefit the brand overcome the challenge of the pandemic.”
Hilton with a brand value of US$ 7.6 billion, topped the list as the world's most valuable hotel brands, the report said.
Marriott at a brand valuation of US$ 2.4 billion, secured the 5th spot.
Hyatt was ranked at the 2nd spot, with a brand valuation of US$ 4.7 billion, an increase of 4%, followed by Holiday Inn at 3rd at US$ 3.77 billion brand valuation and Hampton by Hilton at 4th at US$ 2.86 billion brand valuation.
The report said, "The total value of the top 50 most valuable hotel brands stood at US$ 47.4 billion in 2021.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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