Stockrabit · Analysts
Questions across 10 calls

Abhay Khaitan

Axis Capital

Lemon Tree Hotels Limited

Lemon Tree Hotels Limited CC-Jun26.pdf · 2026-05-29
First question is again on the near-term demand trends. I know that Lemon Tree as a portfolio is not very much dependent on foreign travel . However, based on the conversation that we had with your peers, some of them are now getting more aggressive to capture the domestic demand. If that continues throughout FY27, do you see that as a risk for the portfolio and is there any strategy that you can do maintain the occupancy level that you have right now?
That is very helpful. My second question is on Fleur. So, regarding the expansion to the 2,500 extra rooms that is supposed to be added. I just wanted to understand the thought, are we going to more Aurika, more Premier within that or is it going to be more evenly spread between Lemon Tree, Lemon Tree business as well? And even across markets, are we looking at more metros, are we looking at non - leisure markets? Any thought process? And, if it will be going to be greenfield investments or are you also looking at expansion strategies? And what will be the timeline for that? Just a broad thought on that would be very helpful?
Lemon Tree Hotels Limited CC-Feb26.pdf · 2026-02-10
A couple of questions. Firstly, a quick clarification on the management fees growth that we have seen. In terms of operational rooms, we can see around 32% growth in terms of managed rooms, but the fees have only grown by 10% in aggregate and from third party only 24%. Is there any reason why is there a discrepancy? Because one would assume that the growth would be at least the number of room growth and then there will be some RevPAR growth on top of it. Any reason for this discrepancy?
Understood. That was very clear. My second question is mostly more on the strategy bit in the sense that I understand that there is a strategic restructuring that is going to happen on the Fleur side. But in terms of your own room addition, right now, I think it is completely focused on a few Aurikas. But would it be fair for us to assume that all the other own room addition that is going to happen from Fleur end will only happen after the demerger is completed? Or can we expect some announce ment even before that as well for other brands like Lemon Tree or Lemon Tree Premier?
Lemon Tree Hotels Limited CC-Jan26.pdf · 2026-01-15
Hi, thank you for the opportunity. My question is more on how will both Fleur and Lemon Tree like after the transaction is completed. In a sense that, firstly, for Fleur, I know that you have mentioned that there is a Rs. 960 crores of capital that is committed from Warburg Pincus side. But just wanted to understand how will this be expanded and in future, will we see Fleur also going for other brands apart from Lemon Tree as well? Or will it be now continuing to be an exclusive tie -up? And how will the future of Fleur look like after this is completed?
Got it. That is very useful. My second again, on the Lemon Tree side now that given that it will be a pure brand manager, what would it do differently now compared to what it has been doing over the past few years . And in terms of will be looking more acceleration in terms of managed contracts or will be looking at expansion of number of brands that we have. So, what is the sort of vision there once it transitions to your brand company?

Chalet Hotels Limited

Chalet Hotels Limited CC-Feb26.pdf · 2026-02-03
Congrats on good set of numbers. So, my first question is on the pipeline on the Goa market. So, over the last 1.5 years, we have seen from the industry data that Goa market has not really done so well. And given that we have a couple of assets coming up in that, how do we see that now? And what do you think that could be the trigger for the turnaround in that market?
My second question is on asset-specific trends. So, in the slides, we saw that data on Uttarakhand - Rishikesh was actually missing. So, can you just help us what has been the growth in terms of ARR and occupancy in the third quarter in the Rishikesh asset? And if you can share in particular, for MMR, how has been the trend in the JW Marriott Sahar and how has it been in January as well?
Chalet Hotels Limited CC-Nov25.pdf · 2025-11-05
So firstly, I would like to congratulate Dr. Sethi for his great stint at Chalet and wish him continued success in his next endeavors as well. So my first question is on Athiva again. So just wanted to understand the kind of positioning that Chalet is thinking for Athiva or if there is any comparable brand that we can think of on how Athiva is going to be positioned going forward? And even if we look at the assets that is there in the pipeline , so Goa and Trivandrum were the ones we already knew, but the Aksa Beach and the Navi Mumbai, I believe they are the properties of the Raheja Group. So will they be part of the Chalet portfolio now? Or will they be something which is outside Chalet portfolio but still be managed by them?
Yes indeed. This is very useful. So my second question is on the city-wise performance that you have reported for the quarter. So while Hyderabad, Bangalore has seen very strong ARR growth, we saw Mumbai at low single digits in terms of ARR growth and NCR has actually seen a decline. So is there any particular property within Mumbai that is causing this sort of trend? Or is it like a broad-based trend? That's part number one. And number two is that are we seeing some improvement given that October is completed. What sort of improvement have we seen in October so far?
Chalet Hotels Limited CC-Dec24.pdf · 2025-01-30
So my first question is on -- particularly on the JW Marriott Sahar. So given the sharp increase in ARR you've already taken, I think the focus is clearly on ARR and not occupancy, but how do you think the occupancy is going to fare in the coming months, particularly because of the intense competition in that particular micro market? And in that sense, will we see some sort of cutting of rates or some sort of flattening of rates to become -- to remain competitive in the market?
Okay, got it. And my second question is on the overall portfolio. So what we have been seeing, that bulk of the RevPAR growth is coming from higher ARR. And now even Bangalore market and Hyderabad market has also seen a very sharp increase, but going forward, do you think that -- the reset that has to be done is largely done? And will -- now the ARR growth that we have been seeing for the last 1 or 2 years will now slow down from this level. Or do we see, still see more triggers that will enable a double-digit ARR growth?

Leela Palaces Hotels & Resorts Limited

Leela Palaces Hotels & Resorts Limited CC-May26.pdf · 2026-04-28
Yes, thank you for the opportunity. So, firstly, on the 4Q performance, if you can help break the RevPAR growth of 6% into city hotels and resort hotels? And also, for April, as you mentioned that the growth is actually tracking for a single digit growth, so there also , are we seeing like a broad-based growth across city or resort, or is this one segment better than the other?
Understood. That is very helpful. My second question is , again, follow-up on what you mentioned right now. So, given that if the international travellers are offset by higher domestic, do we see some risk to other revenues or the F&B revenues , and therefore, on the margin side, or do we expect that to remain same Y-o-Y?

The Indian Hotels Company Limited

The Indian Hotels Company Limited CC-Mar25.pdf · 2025-05-05
Thank you for the opportunity. So my question is specifically on Ginger brand. So in the slides, we can see that they have seen a RevPAR growth of 8% for FY '25. Now with new initiatives of Ginger, and positioning it as a Lean Luxe model now, would it be f air to expect ARR growth for this segment to be higher compared to other brands? Or do you think it is still some time away?
Got it, sir. Thanks for this. The second question is on Slide 26, you have mentioned the split of travelers, where you have mentioned 55% of demand is coming from transient. So can you please throw some light on how much of this transient would be business travelers and how much would it be leisure travelers?
The Indian Hotels Company Limited CC-Dec24.pdf · 2025-01-17
Firstly, I would like to congratulate you again for another strong quarter. So my question is on RevPAR growth. So I can see the quarters saw 13% growth Y-o-Y. But is it possible to see the sequential momentum of growth at RevPAR as in what was the growth in October, November and December separately because overall economic indicators have seen some weakness in the last quarter. So I just want to correlate if you see a similar trend for hotels as well?
My second question is on Ginger. So we see around 29% growth in Roots revenue, but how much of it will be driven by addition of new hotels? And what -- how is the ARR and occupancy growth trending there? .