- ASPHL plans a 218-key hotel in Kolkata.
- It is the firm’s first collaboration with Ambuja Neotia.
- The approach unlocks land value and lowers capital intensity.
APEEJAY SURRENDRA PARK Hotels Ltd. plans to develop a 218-key luxury hotel in Kolkata. The company aims to raise about $38.45 million from a 69-unit serviced residence on EM Bypass, developed with Ambuja Neotia Group, to fund the project.
The project marks the first collaboration between the two Kolkata-based groups, which have shaped the city’s hospitality and real estate sectors for decades, according to Press Trust of India. It will be built on a 3.35-acre parcel owned by ASPHL, with 51 percent allocated to the hotel and 49 percent to residences.
Both components are scheduled for completion by 2030.
ASPHL is part of the Apeejay Surrendra Group, chaired by Priya Paul, while Ambuja is led by chairman Harshavardhan Neotia.
“This is our first mixed-use development of this scale and the residential monetization will help us fund the hotel asset,” said Vijay Dewan, ASPHL’s managing director.
Neotia said the residential component comprises two blocks totaling 752,000 square feet, with serviced residences covering 371,000 square feet.
“The hotel component will cover about 380,000 square feet, including banquet facilities, multiple dining options and wellness amenities for business and leisure travelers,” he said.
The strategy unlocks land value and reduces the capital intensity of large-scale hotel projects, PTI reported, citing industry executives. The development is designed by global architecture firm Gensler, with interiors by Bobby Mukherji Architects.
Separately, Indian Hotels Co. Ltd. has signed an agreement with Ambuja to develop 15 hotels across West Bengal, Sikkim and Himachal Pradesh, with Ambuja investing about $240 million.
