Fortune Hotels Pvt. Ltd., a wholly-owned subsidiary of ITC,
is planning to have 100 hotels across the country with an inventory
of around 8,000 rooms by 2012, ITC Hotels Division Senior Executive
Vice-President Pawan Verma told PTI here on the sidelines of
the inauguration of the Fortune Inn Grazia hotel in Noida NCR.
Fortune Hotels, which basically specialises in contract hotel
management, was 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.
On investments, Mr. Verma said, “under the 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 a room, plus cost of the land.”
He said the company had at present 26 hotels with a room
inventory of around 2,300 across the country.
“In addition, 26 more properties are under various
stages 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,” Mr. Verma said.
Source: PTI
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6:48:28 PM 
