Puneet Chhatwal, CEO of Taj Hotels Resorts and Palaces, says that product is not gone, it's changing, he said.

"The standards are always going to the next level," he said. "But we don't need golden bathtubs even though there are more and more improvement from the product perspective. Instead, there is a very natural evolution of luxury."

He attributes that to the massive increase in demand over the past years. That means the company "with some of the most iconic assets in the world can go from evolution to revolution," he added.

"What that means is taking charge – building the talent for tomorrow, needed to serve the needs of the luxury traveler," he said. "If we don't do this, disruption will come in."

He's referring to new operators promising luxury at an affordable price.

It's also important that hotels in this segment make sure they stand out to keep these disruptors at bay.

"That means no copy and paste," he said, referring to making sure each hotel is a standalone, geared toward its guests. "It's about the art of differentiation."

Taj Hotels was founded in 1903 after Jamsetji Tata opened the Taj Mahal Palace in Mumbai in 1903. The brand is now part of the Indian Hotels Company Limited, with a portfolio of 170 hotels, including 25 under development, in over 80 locations in 12 countries spread across four continents, according to the company's website.

"We have done this for 100 years," he added. "The question now is now how we do it for the next 100 years."

This is strictly an exclusive feature, reprints of this article in any shape or form without prior written approval from 4Hoteliers.com is not permitted. Jabeen Bhatti is reporting exclusively for 4Hoteliers.com at ITB Berlin 2019 - www.4Hoteliers.com/itb.

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