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+ (pronounced ICRA A plus) for Rs. 504.03 crore. The independent Indian agency has also reaffirmed the short-term rating for the captioned LOC at [ICRA]A1+ (pronounced ICRA A one plus). 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.
Commenting on the ratings, Mr. Vijay Dewan, Managing Director Apeejay Surrendra Park Hotels Ltd. said, "This rating from ICRA re-affirms Apeejay Surrendra Park Hotels Group's success and growth story. Leadership in occupancy and rev-par, high share of food & 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 rating draws strength from the company's established position as five-star luxury hotel brand present across attractive locations in geographies in India. With a portfolio of 20 hotels (including 13 under the management contract), comprising 1,798 rooms spread across key geographies in India, Apeejay Surrendra Park Hotels Limited is a medium sized, but well-established player with over 50 years of experience in the Indian hotel industry.