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Dec 23, 2008

ITC Footprints Into Property Development

Diversified business group ITC is planning to develop properties across the country depending on the demand and land availability, the Group's Hotels Division Senior Executive Vice-President Pawan Verma said. "ITC (hotels division) is keen in development of properties across the country, depending on the demand and the availability of land (on its own)," Verma told reporters on Monday here. In association with its wholly-owned subsidiary Fortune Park Hotels, ITC had already taken up the property development work at Bangalore and Coimbatore, he said.


Verma revealed that ITC is also considering few more hotel properties to be developed in tier II towns in Andhra Pradesh like Vijayawada, Tirupati etc. "Fortune Park will invest in all these properties, while ITC will provide land," he said. Commenting on the impact of economic downturn and Mumbai blasts, Verma said the industry lost its occupancy levels drastically and the situation will continue for some more time. Verma is in Hyderabad to announce the property management agreement with city-based Shri Shakti Resorts & Hotels Ltd, which opened 'Fortune Select Manohar' from Monday.

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