![{[setting('site_name')]}](https://projxnews.com/uploads/setting/16983847711140531930.webp)
Fortune Park Hotels, a prominent member of ITC's esteemed hotel group, is set to achieve remarkable expansion with the addition of 10 new properties and 10 signings during the fiscal year 2024. Notably reaching its 50th milestone with the inauguration of a new hotel in Delhi, the mid-segment chain anticipates substantial growth in the upcoming phase, focusing on the tier-II cities and leisure markets.
Striving for a balanced portfolio, the company aims for a 50:50 mix between business and leisure hotels. With the successful opening of seven hotels in the current financial year, Fortune Park Hotels aims to unveil three to four more establishments in the final quarter of FY24. Projecting double-digit growth in average room rates and occupancies, the company has bolstered its pipeline to include a total of 17 project hotels. Presently boasting 67 signed alliances and approximately 5,000 rooms, Fortune Park Hotels has a widespread presence across 56 cities in the country.
In alignment with its commitment to an agile and asset-light model, ITC had previously decided to demerge its hotel business last year, signaling a strategic move to sustain its growth trajectory.
News by Rahul Yelligetti
