Indian Hotels Company (IHCL) has dismissed recent reports of exiting The Pierre in New York, calling it ‘speculative’ and misleading. In fact, MD & CEO, Puneet Chhatwal, in a recent interview with Fortune India, has said that the Indian hospitality major is reimagining its global expansion strategy. After the opening of Taj in Frankfurt in February 2026, Chhatwal is considering opening a Taj in Switzerland. “We haven’t signed anything, but that’s what we will look at,” he said.

The IHCL’s expansion strategy, particularly in the US, hasn’t been successful. In 2005, it took over The Pierre in New York. It bought a property in Boston the next year, followed by another one in San Francisco. In 2013, it acquired a stake in Orient Express Hotel. The company has exited most of the properties in the US. Chhatwal calls it a difficult market. “Going to secondary markets in the US, besides New York, doesn’t make sense. It is a highly competitive market, and entry barriers are very high. Buying a property is the only way, as nobody is going to give you straight away. Is that the right usage of time and capital? I would put a question mark.”

Though Chhatwal’s international strategy is largely focused on the Indian subcontinent and Asia (markets such as the UAE, Saudi Arabia, etc), he is upbeat about Europe. “London is a no-brainer. We could do a few more hotels there (St. James Court, London, is among its most successful overseas hotels). After London, the most preferred destination for Indians has been Switzerland. The demand in Switzerland has been strong, but supply there has been restricted. It’s not easy to build hotels there. The processes are so well-defined that even the public and the local communes need to approve; only then can you put up a project.”

He is confident that his loyal customers will specially travel to Switzerland just to experience Taj. “Our loyalty base is extremely strong. Not because of loyalty points but because there is a Taj, our customers will plan a trip.” While the company is deepening its presence in the subcontinent and in the Middle East, it also aspires to enter newer markets in Asia. “In an ideal world, we would like to have a hotel in Singapore, Bali and Thailand,” he says.

“Anything in and around India is very strong, especially in the Middle East and Southeast Asia. We have three hotels in Dubai, two under development in Saudi Arabia and two under development in Bahrain. We have three hotels in Sri Lanka and two in the Maldives. Our development in Dhaka has slowed down due to political reasons; in Bhutan, we are opening two more,” he adds.

Chhatwal is also clear that the company’s overseas projects would only be through its luxury brand, Taj. “Is it the right thing to start growing with brands which are non-luxury in these markets? I would say, highly questionable, because the capability today of a brand to travel across national frontiers is more with luxury. Picking up the right market, right business model and right strategic initiatives is the way forward.”

Though Chhatwal doesn’t intend to launch a Vivanta or a Ginger in international markets, he is taking popular luxury F&B formats such as House of Ming, Bombay Brasserie and The Chambers to global markets. “The House of Ming has travelled to London, while Bombay Brasserie is in Cape Town, Dubai and San Francisco. We have Chambers in London and Dubai.”