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Fortune Hotels, the mid-segment chain under ITC Hotels, is gearing up for substantial growth in the fiscal year 2024. Samir MC, the Managing Director of Fortune Hotels, shared the company's plans, expressing optimism about expanding its portfolio with 10 new properties and signing agreements for another 10 in the upcoming fiscal year. The announcement was made on the occasion of inaugurating the chain’s 50th hotel in Delhi.
Samir highlighted the company's successful performance in the current fiscal year, where they have already signed contracts for 10 new hotels, bringing the total pipeline to 17 projects. Impressively, 7 hotels have already been opened in the current fiscal year, with plans to add 3-4 more in the final quarter of FY24. Emphasizing their growth strategy, Samir stated that Fortune Hotels aims for double-digit growth in Average Room Rates and occupancies.
The key focus for Fortune Hotels' future growth lies in tier-2 markets and the leisure segment. Samir explained that the company started as a business-oriented hotel brand but recognized the potential in the leisure market. Currently, they have a high presence in leisure hotels (in the high 30s) and a significant share in the business segment (mid 60s). The aspiration is to achieve a balanced 50:50 mix between business and leisure hotels. While recognizing the potential in metro cities, Samir emphasized the tremendous growth opportunities in tier-2 markets and the leisure segment.
Regarding the pace of growth, Samir acknowledged the company's recent acceleration, signing contracts for around 20 hotels in the last two years and opening 13 hotels during that period. With 17 more hotels in the pipeline, Fortune Hotels aims to continue this faster growth trajectory consciously. Samir believes that their approach will lead to a more rapid expansion, aligning with the pattern of their recent performance.
Fortune Hotels is strategically positioning itself for robust growth in FY24, with a focus on tier-2 markets and the leisure segment. The company's commitment to a balanced portfolio of business and leisure hotels reflects its adaptability to evolving market demands, and the accelerated pace of growth indicates a proactive approach to capitalize on emerging opportunities in the hospitality sector.
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