Hospitality firm, Apeejay Surrendra Park Hotels Limited, on Saturday (July 12), said it has entered into a Memorandum of Understanding (MoU) with Katsons Hotel and Developer Private Limited and Ved Parkash Kataria to acquire on lease and manage properties located in Goa, Manali, Shimla, and Dharamshala.The MoU covers a 12-year lease arrangement for all four properties, which together comprise a total of 138 rooms — 42 in Goa, 24 each in Manali and Shimla, and 48 in Dharamshala. The properties will be operated under the company’s hospitality brand.
As per the MoU, the properties in Goa and Dharamshala are expected to be operational within 60 days following the execution of definitive lease agreements. The properties in Manali and Shimla are expected to become operational within 90 days.
Also Read: Apeejay Surrendra Park Hotels plans to double portfolio to more than 5,000 keys by 2028
This proposed arrangement is in line with the company’s strategic expansion into high-potential leisure destinations. According to the company, the property in Goa will further strengthen its position in the market, while the others will strengthen its position in the fast-growing tourist market of Himachal Pradesh.In May this year, Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels, said, “Going forward, we plan to add about 250 keys.” A key deal that concluded recently was the acquisition of a 90% stake in Zillion Hotels and Resorts at Juhu in Mumbai for ₹209 crore. This hotel will be converted into a glamorous and fashionable boutique hotel of 80 rooms with a rooftop bar.
As per the MoU, the properties in Goa and Dharamshala are expected to be operational within 60 days following the execution of definitive lease agreements. The properties in Manali and Shimla are expected to become operational within 90 days.
Also Read: Apeejay Surrendra Park Hotels plans to double portfolio to more than 5,000 keys by 2028
This proposed arrangement is in line with the company’s strategic expansion into high-potential leisure destinations. According to the company, the property in Goa will further strengthen its position in the market, while the others will strengthen its position in the fast-growing tourist market of Himachal Pradesh.In May this year, Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels, said, “Going forward, we plan to add about 250 keys.” A key deal that concluded recently was the acquisition of a 90% stake in Zillion Hotels and Resorts at Juhu in Mumbai for ₹209 crore. This hotel will be converted into a glamorous and fashionable boutique hotel of 80 rooms with a rooftop bar.
Over the past decade, except for the two COVID years, The Park has consistently recorded occupancy rates above 90% and aims to maintain this trend. Double-digit ARR growth is anticipated, supported by favourable industry conditions.
Margin improvement of 100 to 200 basis points is also projected for FY26, driven primarily by higher ARRs at palace hotels, which will positively impact the bottom line.
Also Read: Park Hotels plans 250-room expansion, eyes high-teens revenue growth in FY26
On Friday (July 11), shares of Apeejay Surrendra Park Hotels Ltd ended at ₹162.10, down by ₹1.50, or 0.92%, on the BSE.
