Hospitality Career E-Mag: NEWS| Park plans Rs 1000-cr expansion

ejay Surrendra Group’s hospitality arm, The Park Hotels, plans to invest Rs 1,000 crore to add four new hotels in the country, said its chairperson Priya Paul. The privately-held company would open hotels in Hyderabad, Pune and Jaipur, besides opening its second hotel in Kolkata in the next three-four years.

story continues below>>

The expansion would be funded through internal accruals and funds from its financial partner Credit Suisse, which picked up about 15% in the company in 2007 for over Rs 220 crore ($55 million).

“We would be opening our 280-room hotel in Hyderabad this year. This will be followed by hotels in Pune, Jaipur and Kolkata that will double our room inventory to 1,700 rooms,” said Ms Paul.