ITC subsi to build Rs 30cr hotel on old Mahabs road

Chennai, Nov 21 (UNI) Fortune Park Hotels, a subsidiary of ITC, today announced opening up of its new hotel 'Fortune Select Palms' on the growing IT corridor at suburban Thoriapakkam at an investment of Rs 30 crore.

With 129 spacious rooms, including three suites and six banquet halls, this is the first deluxe class hotel on Old Mahabalipuram Road -- the most sought after destination for global companies.

The hotel, yet to conferred star status, would however provide all facilities given by five star hotels, Fortune Select Palms GM R Ramani and Chairman Vikram Aggarwal told reporters.

He even hinted that the company plans to break even in the next 12 to 14 months.

Fortune Park Hotels by Welcom Group has tied up with Mr Vikram Aggarwal of VVT Hotels, who owns the property, for managing and operating and marketing the hotel.

In the first phase, the hotel will have 66 rooms each furnished with all modern amenities and with contemporary decor. The remaining 63 rooms would be ready by the year end.

''With so many IT companies around and the burgeoning boom in the IT sector, this is the perfect base for business travellers who are connected with the IT industry,'' Mr Ramani said.

He said the company was looking at 60 per cent occupancy rate in the first year as the rates were cheaper than other five star hotels.

''The hotel is mainly to cater to the IT industry. We are looking at 60 per cent occupancy. The corridor is fast-developing and will extend upto Mamallapuram, paving the way for more companies to set up their base here. As the corridor grows, we too will grow.'' Mr Ramani said for single occupancy, Standard rooms were priced at Rs 6,000 and Fortune Club Rooms at Rs 7,000. Suites would cost Rs 9,000.

Considering that the hotel was situated in the midst of IT companies, the halls have been named Java, Unix, Domain, etc.

Keeping in mind the IT industry's needs, the hotel will provide round the clock Wi-fi connectivity and has even established a data port.

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