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Competitive Comparison Table - Hotel Industry

Particulars Lemontree Hotels Ltd. Indian Hotels Co. Ltd. Sinclairs Hotels Ltd. Chalet Hotels Ltd. Kamat Hotels Ltd.
As on
As on March '20
As on March '20
As on March '20
As on March '20
As on March '20
Revenue
INR 669 cr.
INR 4,463 cr.
INR 45 cr.
INR 981 cr.
INR 222 cr.
3 year Revenue CAGR
17.5%
3.1%
(-) 1.2%
10.0%
3.8%
EBIT
INR 157 cr.
INR 696 cr.
INR 12 cr.
INR 251 cr.
INR 47 cr.
EBIT Margin
23.4%
15.6%
25.9%
25.6%
21.0%
PAT
INR (-) 13 cr.
INR 364 cr.
INR 9 cr.
INR 100 cr.
INR 25 cr.
PAT Margin
(-) 1.9%
8.1%
20.9%
10.2%
11.2%
DuPont ROE
0.1%
7.1%
8.9%
6.4%
(-) 20.1%
>>Net Profit margin
0.1%
8.1%
20.9%
10.2%
11.2%
>>Financial leverage
2.4
2.2
1.12
2.58
(-) 3.9
>>Asset turnover
0.2
0.4
0.4
0.2
0.5
Anchor brands / segment
Lemon Tree Hotel (Mid-Segment) ,Lemon Tree Premium (Upper Mid-Segment), Red fox hotels (Economy segments)
Taj Hotel (Luxury Segment) ,Ginger Hotel (Upper Mid-Segment) & Vivanta
Sinclair Retreat Ooty, Sinclair Retreat Kalimpong, and Sinclair Siliguri
JW Marriott Mumbai, Sahar, Renaissance mumbai hotel, Powai and the westin hyderabad mindspace
The orchid hotels - Mumbai - pune , the Jadhav gadh - Pune
Promoter holding
31.05%
40.75%
63%
71.41%
60.90%
5 year Capex
INR 1,531 cr.
INR 2,318 cr.
INR 20 cr.
INR 488 cr.
INR 28 cr.
Particulars Lemontree Hotels Ltd. Indian Hotels Co. Ltd. Sinclairs Hotels Ltd. Chalet Hotels Ltd. Kamat Hotels Ltd.
As on
As on March '20
As on March '20
As on March '20
As on March '20
As on March '20
Revenue breakup
Room revenue 74% + F&B Revenue 14% + Others 12%
Rooms revenue includes F&B Revenue 87% + Management revenue 5% + Others 8%
Room revenue 59% + F&B Revenue 34% + Others 7%
Room revenue 58.5% + F&B Revenue 33% + Others 8%
Room revenue 56% + F&B Revenue 36% + Others 8%
F&B Margin
40%
----
64%
70%
----
Total gross block
INR 2924.19 cr.
INR 6622.15 cr.
INR 114.69 cr.
INR 709.4 cr.
INR 641.39 cr.
Gross block composition
Freehold land (504.86) + Building on freehold land (1615.96) + Plant & machinery (268.23) + Furniture (103.97)
Freehold land (265.62) + Buildings (4181.74) + Plant & machinery (1401.06)
Freehold land (11.27) + building (62) + Plant & machinery (11.22) + Furniture (21.89)
Freehold land (81.3) + Buildings (472.5) + Plant (105.2)
Freehold land (25.61) + Buildings (65.15) + Plant (45.91) + Leasehold improvements (495.13)
3 year average occupancy
72%
66.30%
----
73%
----
Current occupancy rate
61%
67%
----
71%
83%
3 year Average Daily Rate
INR 3,760
INR 10,819
----
INR 8,180
----
3 year Average RevPAR (Revenue per available room)
INR 2,878
INR 7,177
----
INR 4,122
----
Online rating (MakeMyTrip)
4 to 4.5
4.62
4 to 4.5
3.5 to 4
3.8
Loyalty programme
Lemon tree smiles
Taj Inner circle
----
----
Kamat Loyalty
Operating Profit Per Available Room (OP PAR )
INR 2,94,779
INR 3,75,874
INR 4,29,798
INR 13,11,668
----
Hotel segment mix - (In rooms)
> Owned / Holding (Asset heavy)
4,517
14,597
340
2,554
----
> Leased
675
----
----
----
----
> Managed (Asset Light)
2,814
10,571
56
----
----
Current employee per room
1.00
1.34
0.96
1.03
----
Current number of rooms
8,006
25,168
396
2554
----
Particulars Lemontree Hotels Ltd. Indian Hotels Co. Ltd. Sinclairs Hotels Ltd. Chalet Hotels Ltd. Kamat Hotels Ltd.
As on
As on March '20
As on March '20
As on March '20
As on March '20
As on March '20
Mindset
With 8006 rooms, right now they have 17% of branded mid market hotels in India. By CY22, They plan to reach 10,703 rooms which resulting into 20% of branded mid market hotels in India.
By 2022/23, they are planning to signed 15 hotel per years with mix of 50-50% between owned & managed contract. EBITDA Margin exp. Of 800 Bps and expected net debt to EBITDA = < 2.0x
Sinclairs plans to expand its chain by acquiring properties on outright purchase/ lease. Leased properties will result in expanding footprint quickly while new acquisitions will reduce tax liability. The present cash surplus of Rs 56 crore together with cash generated every year will ensure that the company has adequate cash flow for acquisitions without any borrowings.
Chalet hotels has odd 660 rooms in proposed pipeline as of June 8, 2020. Company also signed new hotel management contract of ~1500 rooms with Marriott and franchise contract of ~250 rooms with Hyatt. Company has put hold on its proposed pipeline and decided to pace after assessment of impact of Covid19.
Currently company has no future plans for opening of new hotels.
Capex direction
As of 15th May 2020, operational portfolio comprised of 80 hotels and 8,006 rooms : 4,214 owned, 978 leased and 2,814 managed rooms; Pipeline includes of 748 owned/leased and 1,949 managed rooms Plan to operate 108 hotels with 10,703 rooms across 66 cities by CY22.
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The strategy will be to acquire or take on lease properties located around the present ones to take advantage of the cluster approach.
They look for strategically chosen brands at key locations leading to market leaderships.
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Capex Amount
Total estimated project cost is Rs. 8,550 million. Total capital deployed/capital expenditure already incurred as on 31st December, 2019 is Rs. 3,010 million. Balance investment of Rs. 5,540 million will be deployed over the next 2 years in a phased manner, the majority of which will be through internal accruals.(For current expansion plans)
No amount specified. (Seems to be growing)
No amount specified.
No amount specified.
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Any Covid19 specific action
Once a vaccine is widely distributed i.e. in the next 2-2.5 years, business will return to normal (domestic, international & MICE).In worst case, total consolidated cash requirement is between 235-270Cr. After adjusting current available liquidity (Rs 65 Cr) net requirement is ~ Rs 170 - 205 Cr.
Fund raised till now is around 835 crores. They have started intiative of RESET 2020. In which they have focused on spend optimization, revenue growth, effecttive asset management.
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According to management, they have reasonably adequate cash on books, sanctioned lines of credit and operating cashflow. They are aligning payroll costs with occupancy in business for near to mid term by way of rationalizing salary & employee numbers.
Company has requested its lenders for extension of payment of dues in view of the challenges faced account of shut down of hotels.

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