ICRA reaffirms Apeejay Surrendra Park Hotels Group’s long-term, short-term ratings

New Delhi: The rating committee of Investment Information and Credit Rating Agency (ICRA) has reaffirmed the Long-Term Rating of Apeejay Surrendra Park Hotel Groups for the captioned Line of Credit (LOC) at [ICRA]A+ for Rs 504.03 crore. The independent Indian agency has also reaffirmed the short-term rating for the captioned LOC at [ICRA]A1+. The outlook on the ratings is 'stable'.

ICRA reviews the ratings assigned to a company on an annual basis or as and when the circumstance warrants.

Vijay Dewan, Managing Director Apeejay Surrendra Park Hotels said occupancy and rev-par, high share of food and beverage income and a balanced capital structure have been the key drivers for the company’s growth. "Apeejay Surrendra Park Hotels Group is well placed in the market to capture the benefits of the next upcycle in the industry.”


The company has a portfolio of 20 hotels (including 13 under the management contracts), comprising 1,798 rooms. Hotlels under THE Park brand are spread across locations like Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi with new hotels in Indore and Pune.

THE Park Collection includes THE Park Calangute (Goa), THE Park Baga River (Goa), The Denmark Tavern (Kolkata) and a heritage hotel in Chettinad (2019).