The Park Hotels, promoted by Apeejay Surrendra Park Hotels Private Limited, on Thursday launched its seven-star hotel in Hyderabad, built with an investment of Rs 340 crore.
Speaking to the media, Apeejay chairperson Priya Paul said the Hyderabad project was its ninth boutique hotel. The first green building hotel, with 270 rooms, has a gold rating from Leadership in Energy and Environmental Design. The company is targeting Rs 100 crore revenues from the new venture in a year.
The group plans to launch a 250-room hotel at Pune in January 2013 and another 250-room one in Kolkata in 2014. It would also launch one luxury resort at Jaipur with 200 rooms. In all, it has 1,145 rooms.
Paul said the company would spend about Rs 1,000 crore in the next three to five years for developing greenfield projects and managing hotels. It would also look at developing properties in Mumbai and Goa. “The hospitality industry will be in a sweet spot from 2012,”' she said, adding most hotels during last year saw an occupancy rate of less than 55 per cent.
Skidmore Owings and Merril, which designed Burj Khalifa in Dubai, has designed the hotel’s exterior cladding.
