Apeejay Surrendra Park Hotels Limited — Credit Ratings, 06-05-2025: Credit Rating- Revision

ICRA has reaffirmed Apeejay Surrendra Park Hotels Limited’s credit ratings at [ICRA]A+ (Stable) for long-term facilities and [ICRA]A1 for short-term facilities. The recent acquisition of a 90% stake in Zillion Hotels and Resorts, costing around Rs. 209 Cr, will slightly increase leverage but remains manageable given the company’s strong deleveraged position after repaying Rs. 550 Cr debt via its IPO in Q4 FY2024. Funding the acquisition and renovations through internal accruals and undrawn loans is expected to enhance Mumbai operations without materially affecting leverage or coverage ratios. The stable outlook supports steady borrowing costs and sustained investor confidence.