ITC-Owned Fortune Park plans to open 4 hotels

April 14, 2009	(Be the first to rate this story!)  Loading ...
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ITC-Owned Fortune Park Hotels plans to open four new hotels in Mussoorie, Jaipur, Bangalore and Manipal by July, said a top company executive. The hospitality firm also announced that it is going to invest Rs 120-150 crore to build two hotels in Bangalore and Coimbatore.

“So far Fortune Park Hotel was a hotel management company and has expanded by tying up with various real estate developers. Now, we plans to invest and build two hotels under the brand,” said ITC-Hotel division senior executive vice-president Pawan Verma.

The company on Friday opened Fortune Inn Grazia at Noida. The mid-market brand currently has 26 operational hotels with plans to doubling it in the next two years in collaboration with real estate developers.

The hotels will open under its existing Fortune sub-brands — Select, Park, Inn, Resort, Apartments, Faith, Spot, Stop, Lodge, Indoville and Adventure. Fortune Hotels president Suresh Kumar added that the company plans to have five new hotels in the NCR in addition to its existing two to cater to the upcoming Commonwealth Games next year.

“Despite the economic slowdown our occupancies on an average across all hotels are about 60% and we believe we have gained since many corporate travellers are downgrading,” he said. But Mr Kumar agreed that room rates at the company’s hotels have dropped 15-20% in the past few months. Nearly 70% of the revenues for the company comes from business travellers.

News Published Under:   Real Estate India |

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