Apeejay Surrendra Park Hotels Limited has announced the appointment of Manish Bhagat as its Chief Financial Officer and Key Managerial Personnel, effective September 21, 2026. According to reports from Business Standard, Bhagat brings over 20 years of significant experience in finance across diverse sectors, including hospitality, retail, engineering, aviation and aerospace. The appointment comes after Atul Khosla resigned as CFO and Key Managerial Personnel on September 17, 2026, citing a new professional opportunity. Khosla will serve a notice period until December 20, 2026 to ensure a smooth transition, providing continuity during the leadership change. The board approved these changes during its meeting held on September 17, 2026, which commenced at 7:00 pm and concluded at 7:40 pm.
Prior to joining ASPHL, Bhagat served as Vice President - Finance at SAMHI Hotels Limited. As reported by Business Standard, he has held earlier leadership roles at Devyani International, AirWorks Engineering, and InterGlobe Aviation (IndiGo). His extensive career spans multiple sectors, providing him with diverse financial expertise across hospitality, retail, engineering, aviation and aerospace industries. According to latest reports, Bhagat brings extensive experience in hospitality finance, capital management, and refinancing, which will be highly relevant as Apeejay Surrendra Park Hotels expands its upscale and mid-scale footprint. Bhagat is a Chartered Accountant from the Institute of Chartered Accountants of India and a Commerce Graduate from Delhi University, bringing deep expertise in treasury, capital management, debt fundraising, refinancing, financial reporting, audit, compliance, and digital finance transformation.
According to Business Standard, Bhagat has built extensive expertise in financial planning and control, strategic financial management, treasury management, refinancing activities, cost optimization, audits, due diligence controls and digital finance transformation. His diverse sector experience positions him to contribute significantly to ASPHL's financial operations and strategic initiatives in the hospitality sector. His background at SAMHI Hotels and IndiGo is particularly relevant as the company executes ongoing footprint expansions under brands like THE PARK and Zone by The Park. His expertise in treasury, debt fundraising, and capital management will be key to steering the company's capital allocation and managing elevated finance costs in upcoming quarters.
Mr. Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels, expressed gratitude towards Mr. Atul Khosla for his contributions and welcomed Mr. Bhagat. As reported by Business Standard, Dewan stated, "We are delighted to welcome Manish Bhagat to Apeejay Surrendra Park Hotels. His extensive experience across hospitality and diverse sectors will bring valuable perspective to our leadership team as we continue to scale our business and drive sustainable growth. We look forward to his leadership and contribution in the journey ahead." Upon his appointment, Bhagat commented, "I am delighted to join Apeejay Surrendra Park Hotels, a legendary Indian hospitality company with a distinctive legacy and a strong platform for the future. I look forward to working closely with the leadership team and contributing to the Company's next phase of growth, with a focus on further strengthening financial performance, driving operational efficiencies, and creating sustainable long-term value for the business and its stakeholders."
Apeejay Surrendra Park Hotels has reported consolidated operational revenue of ₹166.78 crore for Q1 FY27, representing an 8.12% YoY increase from ₹154.25 crore in the corresponding period last year. However, consolidated profit after tax declined by 14.38% YoY to ₹11.49 crore in Q1 FY27 compared to ₹13.42 crore in the previous year. The company achieved a notable 92% occupancy rate in its Q1 FY27 operations and operates a growing network across 32 cities with a portfolio of 2,677 keys. The market is likely to view the appointment of a seasoned hospitality finance veteran positively as it maintains structural continuity, with investors closely observing the company's progress on reducing finance costs and optimizing its debt profile under Bhagat's leadership.
