Apeejay Surrendra Group buys land, building in Pune for Rs 100 crore

MUMBAI: Apeejay Surrendra Group, which owns and operates luxury boutique hotels under The Park Hotels brand, has acquired a land parcel and an under-construction building at Wakdewadi in Pune for over Rs 100 crore, two people familiar with the development said.

The land parcel overlooking Mula river is spread over 2.5 acre. It was owned by a joint venture company of a Credit Suisse arm and Vascon Engineers. “Registration for the land conveyance was completed last week,” one of the people quoted earlier said, adding that Apeejay plans to construct a five-star hotel with 250 rooms on the land. Apeejay refused to comment.

Vascon Engineers and Credit Suisse did not respond to email queries. Transaction advisor CBRE South Asia also declined to comment for the story. A Credit Suisse arm held 74 per cent stake in a special purpose vehicle that was formed with Vascon Engineers to set up an information technology park and a hotel on a five acre plot.

Vascon Engineers, which held 26 per cent in the company, has already developed and leased the IT park ‘Matrix’, which is spread over 3 lakh square feet on 2.5 acre of the plot. The company was also developing a hotel on the remaining land parcel, which has now been sold to Apeejay.

“The hotel was being constructed for the Apeejay Surrendra Group only, but now the group has acquired the plot and construction thereon. The group may develop the hotel on its own or even retain Vascon as construction partner; the call is yet to be taken,” one of the people quoted earlier said.