Apeejay Surrendra Park Hotels, which operates the luxury hotel chain "The Park", plans to invest Rs1,200 crore over the next 4-5 years to set up four new properties that will add over 800 rooms.
Apeejay Surrendra Park Hotels Managing Director Vijay Dewan said: "Overall it will be Rs 1,200 crore. We are funding it through internal accruals and debt."
"Out of the total of Rs1,200 crore investments,the biggest chunk will go to the new Kolkata hotel at Rs500 crore, followed by Pune at Rs350 crore. The company will invest about Rs 100 crore to set up the Jaipur property and the rest will be for the Cochin hotel," he said.
The company, which announced a new brand identity, also said in about the same period of time, it would consider expanding its footprints into global markets
"Currently, we are developing a property at Cochin which will be operational by the middle of this year. Three more properties are also in the pipeline which will add a total of over 800 new rooms and they will be ready in the next four to five years," Apeejay Surrendra Park Hotels Chairperson Priya Paul told reporters here.
The other three new properties are at Pune, Kolkata and Jaipur, she added.Currently the chain has 12 properties with over 1,200 rooms in total.
While the Cochin property will have 170 rooms, the Pune hotel will have 250 rooms. The company's second hotel in Kolkata will have 350 rooms and the one at Jaipur will have 100 rooms.The hospitality chain has been working on the new identity for about two years, spending Rs12 crore.