Park Hotels to raise Rs 350 cr realty project

KOLKATA: Apeejay Surrendra Park Hotels Ltd expects to generate around Rs 350 crore from a 69-unit serviced residence project on EM Bypass in Kolkata, being developed in collaboration with Ambuja Neotia Group, with the proceeds set to fund its upcoming 218-key luxury hotel in the city, a senior company official said on Wednesday. 

The project marks the first collaboration between the two Kolkata-based groups, both of which have shaped the city’s hospitality and realty landscape for decades. 

The project will come up on a 3.35-acre land parcel owned by Apeejay Surrendra Park Hotels.

Of the total land, 51 per cent has been allocated to the hotel, with the rest for residential.