Fortune Park Hotels Pvt Ltd has made announcement about the opening of four new hotels in India by July 2009.

A top company representative said that the wholly-owned subsidiary of ITC Ltd will be set up in Mussoorie, Jaipur, Bangalore and Manipal by July.

The hospitality firm also announced that it plans to build two such hotels in Bangalore and Coimbatore in the next two years with a total investment of Rs 120-150 crore.

The company opened Fortune Inn Grazia at Noida on Friday.

Mr. Pawan Verma, ITC -Hotel division senior executive vice president, said, “So far Fortune Park Hotel was a hotel management company and has expanded by tying up with various real estate developers. Now we plan to invest and build two hotels under the brand.”
 
At present, the company has 26 operational hotels in India, and it plans to double up the number of hotels by the next two years together with realty developers.

The company said that the new hotels will be opened under its subsisting Fortune sub-brands including Select, Park, Inn, Resort, Apartments, Faith, Spot, Stop, Lodge, Indoville and Adventure.
 
He said the company presently has 26 hotels with a room inventory of around 2,300 across the country.

Mr. Suresh Kumar, president, Fortune Hotels, said that the company eyes five new hotels in the NCR section plus its subsisting two in order to cater to the forthcoming Commonwealth Games next year.

“Despite the economic slowdown our occupancies on an average across all hotels are about 60% and we believe we have gained since many corporate travellers are downgrading,” he said.

However, Mr. Kumar also said that the rates of rooms at the company's hotels have declined significantly by15-20% during the last few months.

Nearly 70% of the company’s income comes from business travellers.

Fortune Hotels Pvt Ltd has big plans for the Indian market, and is eyeing to have 100 hotels across the country with an inventory of approximately 8,000 rooms by the next three years (2012).