ITC's Fortune Hotels targets opening a new hotel every month this fiscal

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.