Excerpts from the Annual Report
The Company expanded its portfolio to 33 hotels across 23 destinations, adding 374 rooms through the opening of 8 new hotels
THE Park New Delhi achieved the highest Average Room Rate (ARR) of INR 9,001 in FY 2023-24, representing a 16% YoY increase. THE Park Chennai also saw the ARR rising 11.6% to INR 6,620 in FY 2023-24
THE Park Collection, focused on small luxury hotels in travel destinations, currently operates 3 hotels with 64 keys and is set to expand with new hotels in Patiala in Punjab, and Chettinad in Tamil Nadu in FY 2024-25
Retail F&B brand, Flurys, demonstrated impressive growth, expanding to 82 outlets as of Mar 2024. Company is targeting to grow the network to 120 outlets in FY2024-25
Summary of Total income is provided below
Park Hotels aim to improve key performance metrics such as ARR and RevPAR through various initiatives including effective cost management, menu re-engineering, optimising revenue management systems, identifying new revenue opportunities, analysing booking trends, and implementing a centralised reservation system to maximise occupancy rates and overall revenue
international software and technology platforms such as Oracle MICROS, Simphony, and Opera PMS are being utilized to ensure seamless business operations.
Expanding in key markets like Pune, Kolkata, and Visakhapatnam, with ultimate goal to double room keys to 4,780. EM Bypass project will start from Jan 2025 onwards.
Entire term debt has been repaid and company has cash of Rs 54 crore on books in Mar 2024. This should be adequate to fund capex requirements for FY25
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