The Brand Finance report 'Hotels 50 2021' ranked Taj as the strongest brands list for having stood resilient in spite of the challenges posed by the pandemic, besides other achievements.
Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) said that its 'Taj' brand has been rated as the strongest hotel brand in the world on Friday.
The Taj brand has re-entered the ranking for the first time since 2016 when it was at 38th spot, said reports.
Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) on Friday said its 'Taj' brand has been rated as the strongest hotel brand in the world.
Brand Finance in its report said, "according to these criteria, Taj (brand value USD 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."
According to reports, the Taj is followed by Premier Inn at second place, Melia Hotels International (3rd), NH Hotel Group (4th) and Shangri-La Hotels and Resorts (5th).
IHCL Managing Director & CEO Puneet Chhatwal said, "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."
He further said,"We will continue our endeavour to elevate the world class experiences of luxury hospitality and deliver the magic of 'Tajness' to all our stakeholders."
As per the report, Taj is renowned for its world-class customer service and the luxury hotel chain scores very well in 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 report further added.
Despite recording a 30 per cent drop in brand value to USD 7.6 billion, Hilton topped the world's most valuable hotel brands list, 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.