Park Hotels to Double Room Inventory in 5 Years: Highlights From Earnings Call

Apeejay Surrendra Park Hotels is looking to strike a balance between its owned and asset-light models to drive its pan-India expansion. Its biggest bets: niche and luxury segments.

Over the next five years, Apeejay Surrendra Park Hotels is planning to double its key count to over 5,400 keys. The company has set a target of opening 500 keys every year as part of its asset-light portfolio, Vijay Dewan, managing director at the company, said during its earnings call on Wednesday. According to Dewan the hotel group would also ramp up its owned properties business.

Among its immediate pipeline, the company is planning 880 keys across Pune, Kolkata, Visakhapatnam, Navi Mumbai, and Jaipur. As of March 31 this year, Apeejay had 35 hotels in its portfolio with a total of 2,394 keys.

It has also recently signed an agreement to acquire 60 service apartments under Zillion Hotels & Resorts at Juhu in Mumbai at INR 2.1 billion ($24.5 million) for 90% of the stake. Apeejay is planning to convert these 60 service apartments into an 80-room hotel with a rooftop bar, Dewan added.