IHCL Signs Agreement for New SeleQtions Hotel In Chennai

Indian Hotels Company Ltd., promoters of the iconic Taj brand of hotels, announced the signing of a 120-key IHCL SeleQtions hotel on East Coast Road in Chennai, Tamil Nadu, on Tuesday.

This hotel is part of an expansive eco-friendly development spanning 30 acres, IHCL said in a statement.

"We are thrilled to introduce our first SeleQtions hotel in Chennai, where IHCL has a multi-brand presence of 14 hotels, including iconic luxury hotels and residences, leisure resorts, and business hotels spread across central business districts and emerging micromarkets."

"Strategically located on ECR, its eco-friendly design and MICE facilities will cater to the growing travel demand in the area. We are delighted to partner with GT Bharathi Urban developers for this project," said IHCL Executive Vice President, Real Estate and Development, Suma Venkatesh.

With this addition, IHCL will operate a total of 22 hotels in Tamil Nadu, including six that are currently under development.

The company earlier this month said it would develop 150-room Vivanta and 200-key Ginger brand hotels on a 3-acre land in Hosur in the state.

The stock rose as much as 0.79% during the day to Rs 720.45 apiece on Tuesday. The stock closed 0.44% lower at Rs 711.65 per share. This compares with a 0.05% advance in the benchmark Nifty 50. It has risen 74.17% in the last 12 months and 63.19% year-to-date.