Park Hotels to raise Rs 350cr from Kolkata residence project with Ambuja Neotia Group collaboration

Kolkata, Feb 25 (PTI) 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-headquartered groups, both of which have shaped the city's hospitality and real estate 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 remaining for the residential component. Both projects are targeted for completion by 2030.

Park Hotels managing director Vijay Dewan told PTI that the serviced residence project, 'The Park Unizen', is expected to generate about Rs 350 crore in revenue, which will be used to support the construction of the adjoining 218-key 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 said the group partnered with Ambuja Neotia for its strong and distinctive experience in aesthetic real estate development in eastern India.

Harshavardhan Neotia, chairman of Ambuja Neotia Group, said the residential component comprises two blocks with a total construction area of 7.52 lakh sq ft, and the area of the serviced residences will be 3.71 lakh sq ft.

He added that market response has been robust, with 25 out of 35 apartments in the first block already booked.

The adjoining hotel, positioned in the luxury segment, will feature banquet facilities, multiple dining formats and wellness amenities, targeting both business and leisure travellers.

Industry executives said such integrated developments enable hospitality companies to unlock land value while mitigating capital intensity of hotel projects, particularly in premium urban corridors.

The twin projects are expected to further strengthen EM Bypass as a key hospitality and residential growth axis in Kolkata's expanding urban market. PTI BSM MNB