New Delhi, July 22: Fortune Park Hotels, ITC Hotel’s wholly-owned subsidiary, will soon start commercial operations at its first hotel in Gurgaon (near Delhi) —Fortune Global.
The hotel originally owned by a company called Mab Finlease, an arm of Vipul Group which is into real estate business, will be run by Fortune Park Hotels Limited (FPHL) under a management contract.
“The hotel is coming up very fast and will see a soft opening by October end,” said Fortune park president Mandip S. Lamba.
Punit Beriwala, promoter of the hotel, said, “Mab Finlease is a special purpose vehicle company created to own the hotel. It is a natural extension for us to enter into the hotel business. However, the management will rest with Fortune Park Hotels as we don’t intend to digress from our main business.”
The company has spent close to Rs 25 crore in setting up this hotel, largely targeted at the mid-segment traveller.
The building is divided into two parts having separate entries — the front gate leads to the retail shopping centre; the rear part will run the hotel.
While Mohit Gujral, nephew of former Prime Minister I. K Gujral, is the architect, interior designing of the hotel has been done by Singapore-based Total Integrated Design.
The hotel will have 84 rooms, two restaurants, including the multi-cuisine branded restaurant Orchid, bar, health club and a swimming pool. The hotel follows the pattern of other structures in global corporate park complex in Gurgaon — a combination of pale sandstone and green tinted glasses.
The estimated turnover of Fortune Park Hotels for fiscal 2004-05 is expected to touch Rs 80 crore, said Lamba. This will be Rs 30 crore more than the Rs 50 crore notched up by the chain in the last financial year.
With a total of 14 operating hotels located across 13 different destinations under the chain, it is set to add another three properties in the next calendar year. “Calcutta, Vijaywada and Goa are the other destinations where we will have our presence. The agreements have been signed and the hotels will be operational by next year,” Lamba said.
