ITC’s Fortune brand to invest Rs 130 cr in new hotels

Bangalore: ITC will be setting up its own hotels in the mid-segment brand Fortune it launched a decade ago to tap the market with local partners, offering only management and operations support.

Fortune Park Hotels Ltd, a subsidiary of ITC Ltd, will be investing about Rs 130 crore to build three to four hotels under the brand in Bangalore, Coimbatore and Kolkata, said Mr Pawan Verma, Executive Vice-President (Operations), ITC Hotels.

Mr Verma, who was here in connection with the formal launch of Fortune Select Trinity, a property developed by the Hyderabad-based Inmar Tourism & Hotels Pvt. Ltd, said that ITC with land banks was planning to complement the Fortune brand being promoted in partnership with local partners.

Addressing a press conference here on Friday, Mr Suresh Kumar, President, Fortune Park Hotels Ltd, said Bangalore is likely to be the venue for a second Fortune hotel after the Park Select Trinity.

He said the company hoped to increase its room inventory to 6,000 in three years in 65 Tier-II cites, under the Fortune brand with hotels being promoted in the premium Select and sub-categories for pilgrims, adventure tourists and business and leisure travellers.

Select is the brand for business travellers, while Faith, Lodge, Inn and Apartment are aimed to serve the budget travellers like pilgrims and leisure travellers, Mr Kumar said.

Fortune Select is a 143-room property developed by Inmar Tourism & Hotels with an investment of Rs 30 crore. The accent of the property is its premium brand catering to the business travellers, said Mr Murali Krishna Reddy, Chairman, Inmar Tourism.