ITC-Owned Fortune Park plans to open 4 hotels

ITC-Owned Fortune Park Hotels plans to open four new hotels in Mussoorie, Jaipur, Bangalore and Manipal in July, said a company executive above. The hotel company has also announced it will invest Rs 120-150 crore to Build two hotels in Bangalore and Coimbatore.

"So far, Fortune Park Hotels is a hotel management and has expanded by attaching them with various real estate developers. Now, it plans to invest and build two hotels under the brand," said ITC Hotel Executive-division senior vice-president Pawan Verma.

The company opened Friday Graziabad Fortune Inn in Noida. The brand of mid-market currently has 26 hotels operational with plans to double in the next two years, in collaboration with the developers.

The hotels will be opened under its sub-brand existing Fortune - Select, Park, Inn, Resort, Apartments, Faith, Spot, Stop, Lodge, Indoville and Adventure. Fortune Hotels chairman Suresh Kumar said the company expects to have five new hotels in the NCR, in addition to its current participation to account for the next Commonwealth Games next year.

"Despite the economic downturn of our occupancy averaged over all the hotels are about 60% and we believe we have gained since many business travelers are downgrading," he said. But Mr. Kumar agreed that the price of rooms in hotels of the company have fallen 15-20% in recent months. Nearly 70% of revenue for the company comes from business travelers.