ITC Hotels is planning to invest about Rs 9,000 crore in the next three to four years to expand its hotel portfolio to 150 hotels, said its Executive Director Nakul Anand. ITC Hotels, one of the largest hotel chains in the country, currently operates 102 hotels. ITC opened their 104-suite resort – ITC Grand Bharat – last week near Delhi where it spent Rs 2-2.5 crore per room.
Anand said, “We will have a total of 150 hotels in the next three to four years, of which 33 hotels will be under the managed Fortune Hotels brand,” Anand said. “The MyFortune brand will have six fully-owned hotels across Coimbatore, Guntur, Bhubaneswar, Srinagar, Kathmandu and another undecided location.”
He said ITC will launch five hotels in Mahabalipuram, Kolkata, Ahmedabad, Hyderabad and Colombo by 2018. “Last week, we also did the ground breaking for our Colombo One hotel that will cost $300 million (Rs 1,855 crore) and will be ready by 2018,” Anand said.