Apeejay Surrendra Park Hotels Limited (ASPHL) announced financial results for the quarter ending June 30, 2024. In Q1FY25, the company’s revenue stood at INR 138 crore, up by 6 percent and an increase of 4 percent YoY in EBIDTA to INR 42 crore. The company registered a strong occupancy at 94 percent, says an official release.ASPHL currently manages a portfolio of 33 hotels spread across 23 cities in India. In the coming two months, ASPHL is set to enhance its offerings with the inauguration of two new properties: The Palace Chettinad and Ran Baas Palace Patiala. These additions, according to the company release, are expected to further solidify the company’s reputation for luxury and heritage hospitality.Moreover, ASPHL has embarked on new projects at the EM Bypass in Kolkata and in Pune, indicating its ongoing commitment to expansion and development. These initiatives reflect the company’s strategic vision to broaden its footprint and cater to a diverse clientele, ensuring a blend of modern amenities and cultural richness in its properties.Commenting on the Q1 performance, Vijay Dewan, managing director, ASPHL, said, “We continue to outperform the market in the upper up-scale segment with industry leading occupancy and RevPAR. During this quarter EBIDTA has grown despite transient headwinds on account of lower air traffic growth, prolonged disruption on account of elections and dip in MICE and social functions. Our confectionary and café brand Flurys has achieved remarkable success with openings in Mumbai and it will cross the 100-store mark soon. ICRA has revised the company’s credit rating three notches up to A+ (Stable) and this along with a strong balance sheet and new openings will take the company on to a faster growth trajectory in the quarters ahead.”Apart from the flagship The Park brand, the hotel company operates brands like The Park Collection, Zone Connect by The Park and Zone by The Park.
Published On Aug 16, 2024 at 09:00 PM IST
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