ITC subsidiary Fortune to invest Rs130 crore in new hotels

31 Dec 2007

Bangalore: ITC's subsidiary hotel company Fortune, which addresses the mid-segment, has announced plans to set up its own hotels. Under its Fortune brand, the hotel chain sets up properties with local partners, offering only management and operations support.

According to Pawan Verma, executive vice president of operations at ITC hotels, Fortune Park Hotels, ITC Ltd's subsidiary is planning to invest around Rs130 crore in three or four hotels in Bangalore, Coimbatore and Kolkata. He was speaking at the launch of the Fortune Select Trinity, a property developed by the Hyderabad-based Inmar Tourism & Hotels Pvt. Ltd.

Reports indicate that ITC is planning to put to use its land banks, in order to complement the Fortune brand that is promoted in partnership with local partners. Addressing members of the press, Suresh Kumar, president of Fortune Park Hotels said that Bangalore is most likely to be the next venue for a second Fortune hotel, which would follow the Park Select Trinity.

According to Kumar, the company plans to increase its room inventory to 6,000 over three years, across 65 tier two cites. It plans to do this by promoting properties under the Fortune brand, across the premium 'Select' and sub-categories, addressing the pilgrim, adventure tourist, and business and leisure traveller segments.

The company's 'Select' brand is for business travellers, while 'Faith', 'Lodge Inn' and 'Apartment' are targeted at budget travellers such as pilgrims and leisure travellers, according to Kumar.

The Fortune Select is a 143-room property, developed by Inmar Tourism & Hotels, at an investment of Rs30 crore, and catering as a premium brand  to business travellers.