ITC plans 100 Fortune Hotels by 2012
Fortune Hotels Pvt Ltd, a wholly-owned subsidiary of ITC Ltd, is planning to have 100 hotels across the country with an inventory of around 8,000 rooms by 2012.business Updated: Apr 10, 2009 17:00 IST
Fortune Hotels Pvt Ltd, a wholly-owned subsidiary of ITC Ltd, is planning to have 100 hotels across the country with an inventory of around 8,000 rooms by 2012. "Our plan is to have a total of 100 hotels under the Fortune brand across the country by 2012 with an inventory of around 8,000 rooms," ITC Ltd-Hotels Division Senior Executive Vice President Pawan Verma told PTI on the sidelines of the inauguration of the Fortune Inn Grazia hotel in Noida NCR.
Fortune Hotels, which basically specialises in contract hotel management, is also looking at having company-owned properties and plans to build two such hotels in Bangalore and Coimbatore in the next two years, he said.
Asked about investments, Verma said: "Under management contract system, the investment is not put by our company but by the property owners. However, on an average, it would cost around Rs 50 lakh per room, plus cost of the land."
He said the company presently has 26 hotels with a room inventory of around 2,300 across the country."In addition, 26 more properties are under various phases of development under this phase of expansion and would be ready by mid-2011. This would give us an inventory of 4,300 rooms and presence in 40 cities," Verma said.
ITC Ltd has interest in diversified areas, including FMCG, hotels, cigarettes, chemicals.