Oriental Hotels Ltd Share Price

History of Oriental Hotels Ltd

Oriental Hotels Limited (OHL) was incorporated in year 1970 to establish and run world class hotels. Taj Coromandel was the first hospitality project of OHL. OHL's hotels are marketed as part of the Taj Group of Hotels. Over a period of time, OHL has established itself as a very reliable and steadily growing Hotel Company and has expanded its operations significantly. Presently the Company is engaged in the business of owning & managing hotels and resorts. It operate seven hotels under the IHCL brands of Taj, SeleQtions and Vivanta with an inventory of 825 rooms which includes 59 suites, and employ around 1200 people. Promoted by the Reddy Group of South India, Oriental Hotels entered into a technical assistance and operating contract with the Indian Hotels Company (IHC). Taj Coromand ...el, the flagship hotel, was inaugurated in 1974. In 1975, the entire hotel was functioning with 224 guest rooms. In 1985, the company signed an agreement with Covelong Beach Hotels (India) to operate their Fisherman's Cove Beach Resort in Madras. It also signed an operating contract for the Emboodhu Finolhu Island Resort, Maldives. In 1985, the company took on lease, the Malabar Hotel at Cochin which was extensively renovated and opened to guests in 1986. In 1988-89, the company entered into an agreement with the International Airports Authority of India to operate snackbars at Madras Airport. In Jun.'93, it offered rights at a premium of Rs 60, to raise part funds required to renovate, refurbish, modernise and upgrade its hotels. In 1994-95, the company concluded an operating agreement with OEL International, Hongkong, to render technical services for its Chicago based hotel - Executive Plaza. The US based wholly owned subsidiary was set up from proceeds received out of $30 mln GDRs issue. In 1995-96, the company acquired controlling stake in Coramandel Hotels. During the year 1999-2000, in a major restructuring exercise of international operations, the Executive Plaza Hotel, Chicago, USA was sold. OHL (HK) plans to expand by making long term equity investments in St. James Court Hotel, London, Taj Lanka Resorts Limited, Sri Lanka and Taj Maldives Pte. Ltd, Maldives. During the year 2000-2001, the Company continued with its plans to upgrade and modernise the facilities in all its hotels. The heritage wing at the Luxury Resort Hotel Taj Malabar after major renovation and refurbishment, covering the lobby, main block, guest rooms was commissioned in March 2001. Taj Malabar Hotel has added a Thai Restaurant as part of its new offering to the guests. The Phase II of renovation covering 15 cottages at Luxury Resort, Fisherman's Cove was also completed during the year. During the year 2002-03, Scheme of Amalgamation of Orient Holdings Ltd and Fishcove Leasing and Investment Ltd with the Company was approved by the Honble High Court of Judicature at Madras. During the year 2009, major renovation exercises were taken up at The Gateway Hotel, Visakhapatnam and Taj Coromandel, Chennai. The Company took on a 137-room hotel in Trivandrum, which launched as 'Vivanta by Taj' Hotel during 2010. Similarly, it renovated and reopened 2 Food and Beverage outlet in 2010. Room inventory grew by 200 RPD at Vivanta by Taj Fisherman's Cove and Vivanta by Taj, Surya - Coimbatore, which was opened on January 19, 2012 with 180 rooms. Besides this, the 180-room hotel in Coimbatore, Vivanta by Taj Surya, was commissioned. The expansion block in Vivanta by Taj-Fisherman's Cove was completed with the commissioning of the balance 14 rooms. The South Indian restaurant, Southern Spice was renovated in 2012. During year 2012-13, the Ball Room complex at Taj Coromandel, Chennai was fully renovated and 7,000 Sqft. additional space was also added. A new 4,000 Sqft. Fitness Center was opened. The capacity expansion at Vivant by Taj - Fishermen's Cove, Chennai was completed with all the 64 new rooms made operational. Vivanta by Taj - Surya, Coimbatore opened a Barbeque Restaurant and a Chinese Restaurant and Vivanta by Taj - Trivandrum, opened a new (Jiva) Spa and a Chinese restaurant. The Company at its unit Taj Coromandel' commissioned Jiva SPA facility costing Rs 11.58 Crores in 2014-15. In 2018-19, it sold hotel unit viz., The Gateway Hotel, at Visakhapatnam to Varun Hospitality Private Limited (VHPL) for a consideration of Rs 120.10 Crores. In FY 2024-25, Gateway Coonoor renovation was completed transforming the property into a fully renovated space. Taj Malabar Resort & Spa planned renovation commenced in Q2 of FY 2024-25. At Taj Coromandel, Chennai, the ballroom underwent a comprehensive renovation marked with the launching of Niu & Nau' in July 2024. 64 rooms were renovated and refurbished during the FY 2024-25. at Taj Fisherman's Cove Resort & Spa. Taj Malabar Resort and Spa, Cochin, Kerala became fully operational effective from September, 2024.