Latest News | ITC Brand Fortune Hotels Targets Opening a New Hotel Every Month in FY25
Get latest articles and stories on Latest News at LatestLY. Fortune Hotels, a member of ITC's hotel group, is planning to open a new hotel every month in the current financial year, the company's Managing Director Samir MC said on Wednesday.
New Delhi, May 1 (PTI) Fortune Hotels, a member of ITC's hotel group, is planning to open a new hotel every month in the current financial year, the company's Managing Director Samir MC said on Wednesday.
In an interview to PTI, Samir shared the expansion plans of Fortune Hotels, which has just opened its first international hotel -- Fortune Resort & Wellness Spa Bhaktapur -- in Nepal.
He described it as a significant milestone in the company's "beyond borders" expansion strategy, envisioning its presence in South Asia and proximal markets.
"Following on the heels of this prestigious opening, we are poised to open at least four to six more hotels in the first half of the fiscal year in unique destinations like Kevadia (Ekta Nagar, Gujarat), Candolim (Goa), Palampur (Himachal Pradesh), and a beach resort in Chennai amongst others and an equal number in H2 (second half: October-March)," Samir said.
"This pace aligns with our goal of establishing a new hotel almost every month in this fiscal year, marking significant progress towards our expansion targets," he added.
Elaborating on the challenges for India's hospitality sector, Samir said economic uncertainties, such as fluctuations in exchange rates, geo-political tensions, and global economic downturns, can impact travel demand and consumer spending, posing challenges for hotels in terms of revenue management, occupancy rates, and profitability.
He cited the increasing global travel trends, driven by rising disposable incomes, a desire for unique experiences, and improved accessibility, as "significant opportunities" for the hospitality sector to attract a diverse range of travellers.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)