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Apeejay Surrendra Group to Raise $55 mn Equity

Apeejay Surrendra Park Hotels Ltd, which owns the Park Hotels, is planning to raise $55 million through a private equity deal with Credit Suisse.

The proceedings will help the company to work on its expansion plans, said Priya Paul, Chairperson, Apeejay Surrendra Park Hotels’.

The Park Hotels is regarded to have pioneered the concept of contemporary luxury boutique hotels in India and enjoy a significant presence in the cities including Chennai, Bangalore, Kolkata, Navi Mumbai, Chennai, and Visakhapatnam.

The company plans a 280 room hotel and development of exclusive shopping malls in Hyderabad. The proposed projects are scheduled to be open in 2008-09.

Apeejay Surrendra Group also holds interest in shipping, tea, hospitality, property development, retail, and financial services. It presently employs over 42,000 people.

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