Park plans 4-star hotel at Belapur

Park Hotels, which has been actively scouting for a property in Mumbai for years now, is set to open its account in the city with a new, yet-to-be-named mid-segment brand.

Priya Paul, chairperson, Apeejay Surendra Park Hotels, told Business Standard that the company is renovating an existing property in Belapur into a four-star business hotel. The 80-room property is expected to open by next year.

"Belapur has been growing rapidly with a lot of businesses moving to Navi Mumbai, and there is a growing demand for food and beverage destinations among local residents. So, we decided to renovate our property there into a four-star hotel," she said. The hotel in Belapur is being renovated at a cost of Rs 20 crore.

Paul also said that the company is actively looking for a 5-star property for its flagship Park brand in Mumbai. "We have been looking for a foothold in the Mumbai market for a long time now."

She said that the group is looking at an investment of Rs 400-500 crore on a property in the upcoming business districts of Lower Parel and Bandra-Kurla Complex.

Paul indicated the group would also be looking for a second 5-star property in Mumbai, Delhi and Bangalore.

"There is scope for niche boutique hotels that we specialise in with a warm blend of Indian and contemporary designs, in cities such as Mumbai, Delhi and Bangalore where the business is growing rapidly," said Paul.

The group has acquired three new properrties in the last five years in Chennai, Bangalore and Hyderbad. It is also considering getting into managing other upcoming properties in these cities, Paul said.

Till now, the group has invested in the properties it manages. Its latest acquisition in Hyderabad is expected to become operational by year end.