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Dolat Capital Report
We initiate coverage on Lemon Tree Hotels Ltd. as a post-Covid-19 recovery play. The worst phase for the hotel industry is likely behind.
Revival may be gradual over 18-24 months to hit the historic 70-75% occupancies and Rs 4,000-plus average room rate for Lemon Tree Hotels.
But, operating performance to improve from hereon and cost rationalization benefits may be structural.
Low-inventory supply and consolidation are likely to be other benefits.
Lemon Tree Hotels is a leading hotel chain in mid-market segment (2.5 to 4-star) with healthy approximately 12% market share as of FY19.
Market share is set to expand to approximately 20% by FY23E.
Geographic diversification and improving mix of keys in demand dense higher average room rate markets to drive strong growth.
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