Industries
Five-star hotels, resort chains and serviced residences across Leela, Hyatt, Marriott and Taj properties.
Sector overview
Hospitality assignments include valuations of JW Marriott Bengaluru (₹1,042 crore, for State Bank of India), JW Marriott Aerocity in New Delhi, the Leela Palace Bengaluru, Hyatt Surat (₹1,991 crore), Crowne Plaza Pune, Taj SeleQtions and the Taj convention centre in Goa, Sahara Star and Juhu Centaur in Mumbai. TEV studies cover four Leela hotels in New Delhi, Bengaluru, Agra and Chennai, Le Meridien Calangute, a Radisson Blu in Vikhroli and seven Keys-brand hotels for Berggruen Hotels across seven cities.
Each report separates the real estate from the operating business: land and building are valued on the cost and market approaches, while the hotel is tested on achievable average daily rate, occupancy ramp-up and the terms of the operator agreement. Enterprise valuations have been delivered for JW Marriott New Delhi and Carnival Cinemas.
Industry challenges
Stabilised occupancy and rate are reached later than the sponsor’s plan in most markets. We benchmark against the city’s reported hotel-performance data and comparable openings, and phase the ramp-up over the loan tenor.
Base fees, incentive fees, key-money and termination rights shape both cash flow and the value of the asset on sale. We read the management and franchise agreements and model their terms explicitly.
Brand-mandated renovation cycles are a real capital cost that the debt-service case must carry. We inspect the property, review the brand standard and estimate the reserve required.
Leisure destinations earn most of their revenue in a few months. We model monthly cash flows and test liquidity through the off-season rather than relying on annual averages.
Our solutions
Viability of new hotels, extensions and repositioning, with operator, brand and market review.
Learn moreConstruction and renovation monitoring across single hotels and multi-city portfolios, with drawdown certification.
Learn moreLand, building and business valuation of operating hotels for refinancing, sale, restructuring and IBC resolution.
Learn moreTrack record
| Property | Location | Service | Value |
|---|---|---|---|
| Hyatt (for State Bank of India) | Surat | Valuation | ₹1,991 Cr |
| JW Marriott (for State Bank of India) | Bengaluru | Valuation | ₹1,042 Cr |
| JW Marriott Aerocity | New Delhi | Valuation and enterprise valuation | |
| Four Leela hotels | New Delhi, Bengaluru, Agra and Chennai | TEV study | |
| Le Meridien Calangute (Models Leisure Ventures) | Goa | TEV study | ₹116 Cr |
| Seven Keys hotels (Berggruen Hotels) | Mumbai, Pune, Ludhiana, Trivandrum, Kochi, Hyderabad and Bengaluru | TEV study | ₹260 Cr |
| Taj SeleQtions and Taj convention centre | Goa | Valuation | |
| Sahara Star and Juhu Centaur | Mumbai | Valuation |
In numbers
Valuation or project cost in ₹ crore as recorded in the engagement.
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