Apeejay Surrendra Park Hotels Ltd. Moves Ahead With Expansion Plans
With the onset of growth in economy and hospitality industry, Apeejay Surrendra Park Hotels Ltd (ASPHL) is excited to share its business revival story across its associated brands – THE Park Hotels, THE Park Collection, Zone by The Park and Flurys. The first half of the financial year for ASPHL was better than its competitors despite all the pandemic related disruptions. Our business in Q3 for THE Park saw a major bounce back with occupancy levels of 66% in October, 70% in November and as on date occupancy has moved up to 87 %.
The hospitality industry is back to experiencing a positive sentiment due to renewed consumer behaviour across luxury, entertainment, dining and other hospitality experientials. The Park Hotels are market leaders with a powerful food and beverage brand ecosystem and has an array of enriching entertainment options. Such best in class services along with stringent safety protocols under its S.H.I.E.L.D. programme has made it a key driver of leisure and staycation demand across ASPHL. Moreover, all the hygiene and safety protocols are certified under World Travel and Tourism Council and the channel partners.
Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels Ltd. said “Our business has picked up significantly over the last two months. As we analyse the current demand and consumption patterns from our guests, we are very hopeful that Q3 EBIDTA will be in positive ferocity. The significant growth in the domestic travel and pent-up demand together combined with ASPHL’s trademark Anything But Ordinary TM experiences will help us lead the market in occupancy and rev-par. Three of our hotels – New Delhi, Calcutta and Vizag have seen occupancies of above 90% in the month of December alone which is a testament of our commitment and unparalleled services. While ARR’s continue to be under stress but are expected to inch upwards as travel demand further picks up. The entire team has worked round the clock to utilize this period of slowdown to significantly improve our efficiency levels and this would lead to long term margin improvement going forward.”
With business and leisure travel gaining momentum, ASPHL continues to stay bullish on its expansion plans. During this period of pandemic, the group has signed up new properties at Port Blair with 24 Keys, Goa with 49 keys, Coimbatore with 55 keys, Ladakh with 12 keys and a heritage property ‘Qila Mubarak’ in Patiala with 28 keys. The development work of a 200-room property in Pune will re-commence in the next financial year. The group also plans to add more outlets of its iconic tearoom Flurys by March 2021 and expand into rest of Bengal, Navi Mumbai and New Delhi in the upcoming year.