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Anticipating huge demand for the midmarket segment, ITC’s Fortune Hotels is looking at expanding through managerial contracts as well as tie-ups with various real estate developers to start as many as 72 hotels in the next two years. The company is exploring the option of raising funds through independent investors for 18 of these planned properties. It has, however, announced the investment of Rs.120-150 crore to build two hotels in Bangalore and Coimbatore.
“We are expanding through managerial contracts but we are also looking at investing in around 18 potential projects. Our estimated investment in next two years will be around Rs. 450 core for these projects,” said Suresh Kumar, president, Fortune Hotels.
Fortune’s sub-brand Park Hotel also plans to open four new hotels in Mussoorie, Jaipur, Bangalore and Manipal by July this year. It has just opened its second property in Noida after one in Gurgaon under another sub brand —Fortune Inn Grazia.
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The company is looking at five more hotels in the national capital region (NCR) in the near future to cater to the Commonwealth Games next year. “There are lots of developments happening in and around Delhi, Gurgaon and Noida. We foresee demands for more hotels in this region,” said Kumar.
He said the mid-scale segment has great market potential though the industry is currently witnessing a low occupancy rate. “The demand will definitely revive. We need to see how the market performs in the second quarter,” Kumar added.
Fortune will open all new hotels under its existing sub-brands — Select, Park, Inn, Resort, Apartment, Faith, Spot, Stop, Lodge, Indoville and Adventure.
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