Company Overview

Apeejay Surrendra Park Hotels Limited is a leading hospitality player with diversified presence across hotels, F&B, and entertainment segments in India, founded in 1967. The company operates across four hotel sub-brands: THE PARK Hotels (luxury/upscale), THE PARK Collection (boutique heritage), Zone by The Park (upper mid-scale), and Zone Connect by The Park (upper mid-scale).

Operational Metrics (Q1-FY27 for owned hotels)

  • Cities/UTs: 32
  • Hotels: 42
  • Keys: 2,677
  • Flurys Stores: 111
  • Restaurants/Nightclubs & Bars: 100+
  • Average Room Rate (ARR): ₹7,459
  • Revenue Per Available Room (RevPAR): ₹6,858
  • Occupancy: 92%

Portfolio Breakdown

Current Footprint:

  • THE PARK Hotels: 8 properties, 1,221 keys
  • THE PARK Collection: 6 properties, 128 keys
  • Zone by The Park: 12 properties, 654 keys
  • Zone Connect by The Park: 16 properties, 674 keys

Under Development:

  • THE PARK Hotels: 9 properties, 1,430 keys
  • THE PARK Collection: 3 properties, 91 keys
  • Zone by The Park: 17 properties, 1,455 keys
  • Zone Connect by The Park: 16 properties, 1,066 keys

Operational Portfolio by Ownership Type

| Brand | Owned Hotels/Keys | Leased Hotels/Keys | Managed/Franchised Hotels/Keys | Total Hotels/Keys |

| THE PARK Hotels | 7/1,101 | -/- | 1/120 | 8/1,221 |

| THE PARK Collection | 1/14 | 3/56 | 2/58 | 6/128 |

| Zone by The Park | -/- | 2/181 | 10/473 | 12/654 |

| Zone Connect by The Park | -/- | 2/99 | 14/575 | 16/674 |

| Total | 8/1,115 | 7/336 | 27/1,226 | 42/2,677 |

Flurys Business

Flurys is an iconic F&B brand established in 1927, operating through multiple formats: Tea Rooms & Restaurants, Cafe Formats, and Kiosks. The brand has 111 outlets across India and represents a scalable, asset-light retail F&B platform.

Strategic Roadmap to FY30

The company targets expanding to 87 hotels with 6,719 keys by FY30 from the current 42 hotels with 2,677 keys. The growth strategy emphasizes asset-light expansion with managed keys projected to increase from 1,226 to 4,124, while owned keys will decrease from 1,115 to 997.

Growth Catalysts

  • Targeting 6,000+ keys by FY30 with predominantly managed and asset-light portfolio
  • Maintaining industry-leading occupancy ratios
  • Expanding in faster-growing upper midscale segment
  • Accelerating asset-light expansion
  • Unlocking embedded real estate value through prime hospitality assets and land parcels
  • Leveraging NOR1's AI-driven upselling platform for guest personalization

Management Team

  • Ms. Priya Paul – Chairperson & Executive Director
  • Mr. Vijay Dewan – Managing Director
  • Mr. Karan Paul – Non-Executive Director
  • Ranjit Kumar Pachnanda – Independent Director
  • Ragini Chopra – Independent Director
  • Mr. Raveesh Kumar Bhatia – Independent Director
  • Atul Khosla – SVP Finance & CFO
  • Aparajita Brahma - VP Finance
  • Shalini Keshan – Company Secretary and Director, Compliances
  • Vikas Ahluwalia - Associate Vice President and National Head – Zone by The Park Hotels
  • Sujata Guin – SVP HR & Chief Human Resource Officer
  • Gurpreet Singh – VP Finance
  • Yazad Marfatia – Corporate Director and Head of Sales and Marketing
  • Rohit Kakra – Chief Operating Officer, Flurys
  • Rohit Arora – VP, North & Goa Operations and Head of Leisure Sales
  • Ruchika Pandit - Corporate Director - Communications, Public Relations and Branding
  • Ajit Singh Garcha- Associate Vice President and Area General Manager of THE Park Hyderabad

Historical Financial Performance (INR Millions)

Income Statement:

| Particulars | FY24 | FY25 | FY26 | Q1-FY27 |

| Operating Revenues | 5,790 | 6,315 | 7,073 | 1,668 |

| Other Income | 127 | 219 | 57 | 48 |

| Total revenue | 5,917 | 6,534 | 7,130 | 1,716 |

| Operating Expenses | 3,865 | 4,231 | 4,893 | 1,199 |

| Operating EBITDA* | 1,925 | 2,084 | 2,180 | 469 |

| Operating EBITDA Margins (%)* | 33.25% | 33.00% | 30.82% | 28.12% |

| EBITDA | 2,052 | 2,303 | 2,237 | 517 |

| EBITDA Margins (%) | 34.68% | 35.25% | 31.37% | 30.13% |

| Depreciation | 505 | 618 | 744 | 211 |

| Interest | 660 | 204 | 299 | 104 |

| Profit Before Exceptional Items and Tax | 887 | 1,481 | 1,194 | 202 |

| Exceptional Items | - | - | 38 | - |

| Profit Before Tax | 887 | 1,481 | 1,156 | 202 |

| Tax | 199 | 645 | 499 | 87 |

| Profit After tax | 688 | 836 | 657 | 115 |

| PAT Margins (%) | 11.63% | 12.79% | 9.21% | 6.70% |

| Diluted EPS (INR) | 3.82 | 3.92 | 3.08 | 0.54 |

Balance Sheet (FY24 vs FY25):

| Particulars | FY24 | FY25 |

| Total Equity | 11,978 | 12,839 |

| Non-Current Liabilities | 1,245 | 2,190 |

| Current Liabilities | 1,545 | 1,687 |

| Total Equity and Liabilities | 14,768 | 16,716 |

| Property, Plant and Equipment | 8,321 | 9,372 |

| Capital Work-in-Progress | 575 | 748 |

| Goodwill & Other Intangible Assets | 478 | 469 |

| Right to use assets | 1,574 | 2,700 |

| Other Non-current Assets | 2,330 | 694 |

| Total Non-Current Assets | 13,278 | 13,983 |

| Current Assets | 1,490 | 2,733 |

| Total Assets | 14,768 | 16,716 |

Industry Overview

The presentation highlights positive industry trends including:

  • Hotel room demand expected to grow at 8-9% CAGR, outpacing supply additions of 5-6%
  • Government initiatives to boost tourism (Swadesh Darshan, PRASHAD, Dekho Apna Desh)
  • Competitive GST rates (12% for tariffs INR 1,001-7,500; 18% above INR 7,500)
  • Liberalized e-visa policy with reduced fees
  • Spiritual tourism in India expected to grow at 24% CAGR from USD 16.2Bn (2022) to USD 59.0Bn (2028E)
  • Wedding industry valued at USD 130Bn with hotels earning USD 603M annually in wedding bookings
  • Domestic expenditure on tourism expected to grow at 15% CAGR from USD 151.1Bn (2021) to USD 405.8Bn (2028E)

Disclaimer

The presentation includes standard disclaimers stating that it is for informational purposes only and does not constitute an offer to purchase securities. It contains forward-looking statements subject to risks and uncertainties. Valorem Advisors is identified as an Independent Investor Relations Management Service company.