Apeejay Surrendra Park Hotels to Raise ₹350 Crore for Kolkata Luxury Hotel
Apeejay Surrendra Park Hotels to raise ₹350 crore from Kolkata serviced residences for luxury hotel.
By SOH Edit Team
Apeejay Surrendra Park Hotels Ltd plans to generate approximately ₹350 crore from a 69-unit serviced residence project on EM Bypass, Kolkata. The proceeds will be deployed to fund the development of an adjoining 218-key luxury hotel in the city. The serviced residence project is being developed in collaboration with Ambuja Neotia Group.
The development marks the first partnership between the two Kolkata-headquartered groups, both long-standing contributors to the city’s hospitality and real estate sectors. The project is located on a 3.35-acre land parcel owned by Apeejay Surrendra Park Hotels.
Of the total land area, 51% has been earmarked for the hotel, with the balance allocated to the residential component. Both the serviced residences and the hotel are targeted for completion by 2030.
Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels Ltd.
Financial Structure and Funding Strategy
Managing Director Vijay Dewan said the serviced residence project, branded The Park Unizen, is expected to generate around ₹350 crore in revenue. These funds will support the construction of the adjacent luxury hotel.
"This is our first mixed-use development of this scale, and the residential monetisation will help us fund the hotel asset," Dewan said, adding that the company may explore similar integrated projects in future.
Apeejay officials highlighted Ambuja Neotia’s track record in design-led real estate development in eastern India as a key factor in the partnership.
Harshavardhan Neotia said the residential component will comprise two blocks with a total built-up area of 7.52 lakh sq ft, of which serviced residences will account for 3.71 lakh sq ft. Market traction has been strong, with 25 of the 35 apartments in the first block already booked.
Hotel Positioning and Market Context
The adjoining hotel will be positioned in the luxury segment and will feature banquet facilities, multiple dining formats, and wellness amenities, catering to both business and leisure travellers.
Industry executives noted that integrated hotel–residential developments allow hospitality companies to unlock land value while mitigating the capital intensity typically associated with premium hotel projects. The twin developments are also expected to reinforce EM Bypass as a key hospitality and residential growth corridor in Kolkata’s expanding urban market.
Key Facilities:
- 218 keys
- 69-unit serviced residences
