Samhi Hotels - Turnaround with Tailwinds

4800+ Rooms across 31 Hotels Owns the properties - Refurbishes, renovates and then lets out the hotel to big hotel brands to manage it Samhi doesn’t manage or operate the hotels itself Passes on the management fees and retains the F&B and rental incomes 75% is room rental; 25% from F&B Hotels / Brands: Courtyard by Marriott Fairfield by Marriott Sheraton by Marriott Renaissance by Marriott IHG Hyatt Place Hyatt Regency Holiday Inn Owned by Samhi and managed by Marriott / IHG / Hyatt (charges mgmt. fees to Samhi) 90% of their revenues come from Tier-1 cities Hotel traffic tends to be higher in these cities ARRs are higher in these cities Good geographical diversification protecting it from unforeseen situations in a certain city / region Focuses a lot on office space absorption, which is on the rise (lot of scope in cities like Bangalore, Mumbai, etc.) Commercial activity has picked up an