Apeejay Surrendra Park Hotels Ltd is fundamentally a hospitality-led lifestyle company, not just a hotel owner. It was born in 1967 when the Apeejay Surrendra Group, a century-old Indian conglomerate, opened its first design-led boutique hotel, THE PARK, on Kolkata’s Park Street, pioneering a new category in Indian hospitality. The recurring approach that explains everything else is a philosophy of “Leadership Through Differentiation,” which means every part of the business-from its luxury palaces to its pastry shops-is built to deliver an “Anything But Ordinary” experience, blending modern luxury with local culture. # Business segments Two engines power the company-a core of owned and managed hotels across five distinct brands, and a deeply integrated food, beverage, and entertainment ecosystem that generates nearly half of all revenue and includes a standalone retail chain. ## 1. The hotel business: a portfolio of five brands from luxury palaces to roadside motels **The company owns and manages 46 hotels across five brands, each targeting a different traveller, but its competitive edge is concentrated in its flagship luxury boutique properties where it commands premium room rates and industry-leading occupancy.** - **Heritage palaces for immersive stays** - THE PARK Collection is a curated set of 6 intimate, high-end properties with only 128 keys, including restored palaces and heritage buildings like the Ran Baas Palace in Patiala and The Lotus Palace in Chettinad. These are trophy assets that earn global recognition, such as a Relais & Châteaux membership and a MICHELIN Key, and command ultra-premium rates, with Ran Baas achieving an ARR of INR 24,000. - **Asset-light brands for wider reach** - Zone by The Park and Zone Connect by The Park are upper midscale brands that expand the company’s footprint without heavy capital investment, using managed and leased properties. Together, they account for 28 properties and 1,328 keys in destinations from Mussoorie to Gangtok, appealing to younger, design-conscious travellers. - **A toehold in the budget segment** - Stop by Zone is an economy motel brand with just 4 properties and 23 keys, testing the market for clean, no-frills lodging for road travellers in West Bengal. ## 2. Food, beverage, and entertainment: the profit engine that fills the hotels and the high street **This is not a hotel amenity but a standalone business that contributed about 43% of total revenue in FY26, crossing INR 300 crores, by operating over 100 premium restaurants, nightclubs, and bars, plus an iconic 110-outlet retail chain called Flurys.** - **Hotels as dining and nightlife hubs** - The company claims market leadership in nightclubs and bars, with signature outlets like Someplace Else and Aqua that draw non-resident patrons and create a year-round revenue stream, making the hotels destinations in themselves. At the flagship Park Kolkata, beverage revenue alone often exceeds room revenue in a given month. - **A self-reinforcing ecosystem** - The F&B and entertainment offerings create customer loyalty and attract a growing “Bleisure” (business + leisure) crowd, with the corporate business mix rising to 47%. This integrated model means a guest can stay, dine, and experience nightlife all within the company’s ecosystem, boosting overall spending per visit. # Group structure and partners **The company is the listed parent of a focused group, actively using partnerships and acquisitions to expand its brand portfolio and property count without always building from scratch.** - The company has three subsidiaries as of March 2025, including Apeejay Charter Private Limited (52% owned) and two wholly-owned hotel entities. - It pursues growth through joint ventures and acquisitions, such as forming a 51%-owned LLP with the Goyal Group to develop a 150-key THE PARK Jaipur, and signing a deal to acquire a 90% stake in Zillion Hotels, which owns 62 luxury service residences in Juhu, Mumbai. - In a single month, December 2025, the company executed agreements to acquire three boutique properties in Kerala-The Malabar House, Purity, and the houseboat Discovery-directly entering a new state by buying existing, character-rich assets. - The leadership is anchored by Chairperson Priya Paul and Managing Director Vijay Dewan, guiding a strategy that combines organic refurbishments of owned hotels with an asset-light expansion of managed and leased properties.