Fortune Park Hotels Ltd, a subsidiary of ITC Ltd, is setting up three hotels in the medium range group, with a cumulative investment of over Rs 140 crore.

The ITC subsidiary, whose brand value is Rs 250 crore, is currently engaged in providing expertise in managing hotels.

However, now it has decided to invest directly in setting up hotels in Kolkata, Bangalore and Coimbatore each with a room strength of about 130 to 140. In Kolkata its hotel is expected to come up in 18 to 24 months from now.

According to Mr Suresh Kumar, president of Fortune Park Hotels, the company, which has over 40 properties at present with nearly half under various stages of construction, is gearing up to meet the demand for mid segment hotels in 65 cities against its presence in 35 at present.

Known largely for providing its expertise in building and managing hotels, the ITC subsidiary had decided to invest in building hotels, service apartments, inns and the like, itself as well, Mr Kumar told reporters here.

The move stems from the feel good factor and the encouraging economic situation in the country evidenced by the disposable incomes in the hands of the people, particularly the IT professionals. He said the ITC group was in a position to make use of the available lands on some of its cigarette making factories for building the mid segment hotels.

The company launched the first of its two Fortune Hotels in Whitefield, the city's IT hub today. It hopes to double the total number of rooms available at its hotels from 3,000 at present, by putting up new properties. The second hotel in the city, with investment by Fortune itself, is in the pipeline.

As part of its efforts to capitalise on the growing market for business class mid segment hotels in addition to the demand from pilgrims and adventure tourists, the company is set to expand its operations in a big way.

Already, besides setting up Fortune Faith hotels and inns in pilgrimage centres, it is now looking at Madhya Pradesh for building lodges as part of its plans to tap rural tourism.

Similarly, taking advantage of the increase in adventure tourism, including trekking, rock climbing, bungee jumping and related activities, the company proposes to exploit the available potential. This, it hopes to do by building the required facilities and amenities for the enthusiasts in and around their centres of interest.