SAMHI HOTELS LIMITED

Owns and operates a portfolio of 38 hotels with over 6,500 rooms across 12 brands in 14 Indian cities, primarily under Marriott-family brands (Westin, W, Courtyard, Fairfield, Tribute, Sheraton), concentrated in micro-markets such as Bangalore's Outer Ring Road/Whitefield and Hyderabad HITEC City. The business earns revenue from room rentals, food and beverage and other hotel services; Q4 FY26 saw RevPAR of ₹6,041 at 75% occupancy, with same-store RevPAR up 9.5% for the full year. In FY26 it acquired a 70% stake in RARE India, adding 73 experiential leisure properties with around 1,000 rooms. The operating cost base is dominated by other operating expenses at 41.8% of revenue (covering lease, utilities, F&B and overheads) and employee costs at 15.7%, with depreciation at 10.2% of revenue and materials at 8.0%. The balance sheet is asset-heavy, with net debt of ₹1,450 crore (Net Debt/EBITDA of 3.0x). The committed 5-year pipeline covers W Hyderabad, Tribute Bangalore, Westin Bangalore, Ingka Noida, a 700-room Westin+Fairfield in Navi Mumbai, Marriott Sriperumbudur and One Financial District Hyderabad.