Apeejay Surrendra Park Hotels Ltd - Stock Valuation and Financial Performance

The company was originally incorporated at Karnataka on November 27, 1987, as Budget Hotels Private Limited, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 27, 1987 issued by the Registrar of Companies, Bangalore at Karnataka. Subsequently, the name of the Company was changed to Budget Hotels Limited pursuant to the Company becoming a public company with effect from October 26, 1990 and noting of such conversion in the certificate of incorporation by Registrar of Companies, Bangalore at Karnataka. Further, pursuant to the Acquisition Agreements, the entire issued and paid-up equity share capital of the Company constituting 571,940 equity shares of face value of Rs 100 each, was acquired by Apeejay Hotels Delhi in two tranches and the Company became the wholly owned subsidiary of Apeejay Hotels Delhi. Subsequently, pursuant to the scheme of amalgamation approved vide orders of the High Court of Madras dated June 13, 2003, High Court of Delhi dated August 6, 2003, and High Court of Karnataka dated September 17, 2003, Apeejay Hotels Delhi, and Gemini Hotels and Holdings Limited (a wholly owned subsidiary of Apeejay Hotels Delhi) were amalgamated with the Company, with the appointed date being April 1, 2001. Thereafter, to closely identify the association of the Company with the Apeejay Surrendra Group, the name of the Company was changed from Budget Hotels Limited to Apeejay Surrendra Park Hotels Limited, pursuant to the resolution passed by the company’s Shareholders at their EGM held on March 8, 2004 and the certificate of incorporation pursuant to change of name was issued by the RoC on March 29, 2004. Further, pursuant to the company’s Shareholders’ resolution dated November 30, 2016 and order dated June 22, 2017 passed by the Regional Director, South East Region, Hyderabad, its registered office was shifted from the State of Karnataka to State of West Bengal. 

Apeejay Surrendra Park Hotels operates hospitality assets under its own brands, “THE PARK”, “THE PARK Collection”, “Zone by The Park”, “Zone Connect by The Park” and “Stop by Zone”. It has a long-standing expertise in the hospitality business of owning and operating hotels, with its first hotel being launched under its brand “THE PARK” at the iconic Park Street in Kolkata. It has established presence in the retail food and beverage industry through its retail brand ‘Flurys’. It has pioneered the concept of luxury boutique hotels in India under its brand, “THE PARK”, extending it further through and “THE PARK Collection”, and in upper-midscale categories with its brands “Zone by The Park” and “Zone Connect by The Park”.

The company’s hotel portfolio has a PAN-India presence, and it continue to attract its customers with its diversified portfolio. It categorizes its hotel portfolio into two distinct hotels categories based on brand classification – upscale, and upper mid-scale. It operates hotels under following four brands, namely “THE PARK, “THE PARK Collection”, “Zone by The Park”, “Zone Connect by The Park” and has recently launched its economy motel brand, “Stop by Zone”.  The company’s food and beverage outlets and entertainment offerings within its hotels provide a diversified experience for its customers. The night club and entertainment division contribute to its brand positioning and allows cross-selling opportunities. It has created award-winning brands such as Zen, Someplace Else, Tantra, Roxy, iBar, The Leather Bar, Pasha and Aqua. 

Business area of the company

The company is engaged in the hospitality business operating under the brand names of ‘THE PARK’, ‘THE PARK Collection’, ‘Zone by The Park’, ‘Zone Connect by The Park’ and ‘Stop by Zone’. The company is also engaged in the business of retail food and beverage industry through its retail brand 'Flurys’. 

Awards, Accreditations and Recognitions

2021: 

• Zone by The Park Jaipur won the TripAdvisor Travellers’ Choice Award.
• Zone by The Park Jammu won the TripAdvisor Travellers’ Choice Award.
• Zone by The Park Jodhpur won the TripAdvisor Travellers’ Choice Award.
• Pasha, THE Park Chennai was awarded ‘Best Night Club’ by the Times Food and Nightlife Awards.
• THE Park Chennai won the TripAdvisor Travellers’ Choice Award.
• Peace, THE Park Calangute Goa won the award for ‘Best Sundowner Lounges – Casual Night Out’ at the Times Food & Nightlife Awards.

2022:

• THE Park Chennai won the TripAdvisor Travellers’ Choice Award.
• THE Park Bangalore won the runner-up award for ‘Favourite LGBTQ-friendly hotel in India’ at the Conde Nast Traveller Readers’ Travel Awards.
• Epicentre, THE Park Indore won the award for ‘Best Restaurant in Indore’ at the Food Connoisseurs India Awards.
• Aqua, THE Park Indore won the award for ‘Gastro Pub of the Year (West)’ at the Food Connoisseurs India Awards.
• Peace Bar, THE Park Calangute Goa won in the award for ‘Best Lounge Bar’ at the Times Food & Nightlife Awards.
• Lotus, THE Park Chennai was awarded ‘Best Pan Asian Restaurant’ by Tamil Nadu Tourism Awards.
• THE Park Baga River Goa won Booking.com’s Traveller Review Awards.

2023:

• Lotus, THE Park Chennai won the award for the ‘Best Modern Asian -- Premium Dining’ at the Times Food & Nightlife Awards.
• Flurys won the culinary heritage award conferred by Intach, Calcutta.
• Flurys won in the Best Bakery category by Zomato Restaurant Awards.
• Flurys won in the Best All Day Breakfast in Kolkata category by Zomato Restaurant Awards.
• Someplace Else (Mumbai) won the award for ‘Best Newcomer – Nightclub’ at the Food Connoisseurs Awards.
• ‘Beachside Resort of the Year’ award won by The Park Calangute at the Business Goa Awards for Corporate Excellence.
• Zone Connect was awarded ‘Leading 4 Star Hotel in Goa’ at the 2nd Annual World Signature Awards 2023.
• Aqua, THE Park Hyderabad won the award for ‘Best Alfresco – Luxurious Nightout’ at Times Food and Nightlife Awards.
• THE Park Hyderabad won the ‘Make My Trip Excellence Award’ at the Star Partners Award.
• Zone by The Park Chennai ORR won the TripAdvisor Travellers’ Choice Award.

Major events and milestones 

• 1988: Opening of hotel ‘The Park’ in Delhi.
• 1994: Opening of restaurant ‘Some Place Else’ in Kolkata.
• 1999: Purchased ‘The Park’ in Bangalore
• 1999: Budget Hotels Limited (erstwhile name of Company) became the wholly owned subsidiary of Apeejay Hotels Delhi.
• 2000: Opening of ‘The Park’ in Bangalore.
• 2002: Opening of ‘The Park’ in Chennai.
• 2003: Apeejay Hotels Delhi, and Gemini Hotels and Holdings Limited (a wholly owned subsidiary of Apeejay Hotels Delhi) were amalgamated with Budget Hotels Limited (erstwhile name of Company).
• 2004: Name of Company was changed to Apeejay Surrendra Park Hotels Limited.
• 2007: Investment received from RECP IV Park Hotel Investors Ltd, RECP IV Park Hotel Co-Investors and REFS Park Hotel Investors into Company.
• 2010: Opening of hotel ‘The Park’ in Hyderabad.
• 2012: Undertook a branding exercise to create ‘The Park’, ‘The Park Collection’ and ‘Zone by The Park’.
• 2014: Opening of the first property under the brand ‘Zone by The Park’ at Coimbatore.
• 2019: Acquired confectionery business from Flury’s Swiss Confectionery.
• 2021: Opening of restaurant ‘Someplace Else’ at Mumbai.