The Park Hotels, Apeejay Surrendra Group's hospitality arm, is likely to invest Rs 1,000 crore in developing four new hotels in India.

The company plans to set up the proposed hotels in Hyderabad (Andhra Pradesh), Pune (Maharashtra), Jaipur (Rajasthan) and Kolkata (West Bengal) over the next three-four years.

The new hotel in Kolkata is expected to be its second hotel in the city. The investment plan is likely to be funded through internal accruals and funds from its financial partner Credit Suisse, which had acquired 15 per cent stake in the company in 2007.

Of the total investment, the company is likely to invest Rs 320 crore in Hyderabad, Rs 270 crore in the Pune hotel and another Rs 500 crore is to be pumped in the Jaipur and Kolkata hotels.

The Hyderabad hotel with 280-room is likely to be ready during 2009. These new hotels are likely to double the company's room inventory to 1,700 rooms. Currently, the company has properties in Bangalore (Karnataka), Chennai (Tamil Nadu), Navi Mumbai (Maharashtra), Kolkata (West Bengal), New Delhi and Visakhapatnam (Andhra Pradesh) with 834 rooms.

At present, the company is looking for land to build a second hotel in Mumbai. Besides, it is open for management contracts. It is likely to take up its first management contract for a luxury cruise and resort in Kerala by end-December 2009.