HILTON HOTELS & RESORTS retained its title as the world’s most valuable hotel brand for the ninth consecutive year, while Hyatt Hotels Corp. secured the second spot again, according to the latest data from Brand Finance. Meanwhile, India’s Taj Hotels is the world’s second-fastest-growing brand, primarily due to revenue growth and improved brand strength.
Hilton’s brand value is estimated at $11.6 billion in the Brand Finance Global 500 2024 ranking. Hyatt holds a value of $6 billion, and Taj increased its brand value by 45 percent to $545 million, Brand Finance said in a statement.
“Many top hotel brands have struggled to grow their brand value as robustly as in the years leading up to 2020, and the Brand Finance Hotels 2024 ranking shows that these challenges are ongoing as the industry recovers,” said Henry Farr, Brand Finance’s associate director. “Despite an uptick in travel and hotel demand, the actual growth hasn’t matched expectations, resulting in slight declines or minimal brand value growth for the world’s leading hotel brands.”
Hilton and Hyatt are the only two U.S. hotel brands to feature in the list, Brand Finance data showed.
Eight of the top 10 brands in the ranking decreased in brand value, and more than 60 percent of U.S. brands featured also saw a decrease. This indicates that the industry is struggling to fully capitalize on brand growth potential despite rising demand, the London-based brand valuation consultancy said.
Brand Finance unveiled the world’s top 25 strongest and most valuable leisure and tourism brands for the first time, with a total brand value of $59.1 billion. Booking.com, Airbnb, and Trip.com Group secured the top three positions, each with double-digit brand value growth.
Rise of Taj
Taj became the world’s second fastest-growing brand, after Sheraton’s Four Points, climbing three positions in the brand strength index ranking to become the world’s strongest hotel brand, according to Brand Finance data. With an improved BSI score of 92.3 out of 100, Taj earned a AAA+ rating, the highest awarded by Brand Finance.
Indian Hotels Company Ltd, owned by Tata Group, operates the Taj Group of hotels.
Brand Finance noted that Taj excelled in brand strength metrics like familiarity, consideration, recommendation, and reputation, reinforcing its dominant position in India’s hotel sector.
“We are delighted for the iconic brand Taj to be honoured as the World’s Strongest Hotel Brand yet again, in its milestone 120th year. Receiving this recognition for four years, thrice as number one in the world, is a testament to the brand’s century-old legacy of pioneering destinations, setting global benchmarks, and showcasing Indian hospitality to the world,” said Puneet Chhatwal, IHCL’s managing director and chief executive officer.
“This achievement underscores the trust and affection of our guests and the steadfast dedication and commitment of our colleagues in delivering warm and sincere service, a true hallmark of Taj,” Chhatwal added.
In January, Chhatwal succeeded Nakul Anand as the new chairman of the Federation of Associations in Indian Tourism & Hospitality, following Anand’s tenure as executive director of ITC Ltd. IHCL recently reported a 29.36 per cent growth in its consolidated profit after tax to Rs 438.33 crore in the fourth quarter ended March 2024.
