Apeejay Surrendra Park Hotels (ASPHL) has acquired 90% stake in Zillion Hotels and Resorts for INR 209.25 crore. This strategic move will expand the group’s presence in the upscale service residence segment in Mumbai and will be a growth story for the company in the financial capital.

The transaction was signed on 23 April 2025 through a binding MoU. Zillion Hotels and Resorts is the operator and owner of Z Luxury Residences, a premium serviced apartment facility with 62 residences and high end F&B amenities. The property is located in Juhu, Mumbai, opposite Iris Park.

Post acquisition, Zillion Hotels and Resorts will be a subsidiary of ASPHL. In the regulatory filing the company clarified that the acquisition is not a related party transaction as neither the promoter group nor any related entities have any interest in Zillion Hotels.

This is a big addition to ASPHL’s hospitality portfolio which has a mix of owned, leased and managed properties across India. As of May 2024 the company has 22 operational properties under management contracts, 7 luxury boutique hotels, 4 leased properties with 244 rooms. It also has iconic chain of bakeries and cafes under the “Flury’s” brand with 82 outlets across the country.

Industry experts view this acquisition as a calculated move to bolster ASPHL’s asset base in a premium location, giving it access to high-margin service residence clientele — a segment poised for growth amid rising demand for luxury long-stay formats in metros like Mumbai.

“This deal not only strengthens Apeejay Surrendra Park’s presence in Mumbai but also signals its intention to deepen investments in premium hospitality offerings. The Z Luxury Residences brand fits seamlessly into ASPHL’s existing portfolio,” an industry expert noted.

While no specific timeline has been disclosed for the completion of the acquisition, the company has indicated that the closure will proceed as per mutual agreement between the parties involved.

This comes on the back of ASPHL’s recent announcement of “Zone Connect by The Park” in Jaisalmer, Rajasthan, which is part of the group’s aggressive foray into heritage and urban markets. With over 203 keys operational in Rajasthan already including Jaipur, Jodhpur, Phalodi and Udaipur, the new Jaisalmer property will further strengthen ASPHL’s presence in the region.

Founded under the Apeejay Surrendra Group based in Kolkata, ASPHL is evolving as a dynamic player in the Indian hospitality space. This acquisition is a testament to its focus on bespoke experiential hospitality and strategic asset play for long term value creation.

Apeejay Surrendra Park Post-IPO Performance

Apeejay Surrendra Park launched its IPO on 5 Feb 2024, with an issue size of INR 920 crore. The IPO comprises fresh issue of INR 600 crore and an OFS of 320 crore. This hospitality sector IPO got an overwhelming response from the investors which leads the subscription to 59X. The IPO listed with 31.32% returns.

Apeejay made an all-time high of INR 227 per share on 22 Feb 2024, reflecting a 43% returns. Currently, it is trading around INR 164.29, a correction of ~43% from its all-time high.