Luxury Expands: Apeejay Surrendra Park Hotels and Ambuja Neotia's Joint Venture
Apeejay Surrendra Park Hotels Ltd and Ambuja Neotia Group are launching a luxury hotel and serviced apartments project in Kolkata. Expected to open in 2028, ASPHL will receive 55% of the revenues from the project, which is anticipated to generate Rs 600 crore in total revenue.
- Country:
- India
Apeejay Surrendra Park Hotels Ltd has partnered with Ambuja Neotia Group for a luxury project on EM Bypass, Kolkata. The project includes a 250-key five-star hotel and 100 upscale serviced apartments, over a 3.5-acre plot.
The development is set to begin shortly, with major design consultants onboard and is projected to complete by April 2028. The hotel's occupancy rates are anticipated to grow from 75% in FY29 to 90% in FY31, alongside an increase in average room rates.
With necessary approvals in place, ASPHL projects annual revenue shares at Rs 100 crore, totaling Rs 600 crore for the entire project. The residential sales are slated for a Diwali 2025 launch, aiming to capitalize on the festive season's market dynamic.
(With inputs from agencies.)
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