SAMHI Hotels Limited

SAMHI Hotels Limited operates as a branded hotel ownership and asset management platform in India. The company acquires, develops and manages hotel properties under long term agreements with international hospitality brands, and at the time of its public issue its portfolio included operating partnerships with names such as Courtyard by Marriott, Sheraton, Four Points by Sheraton, Hyatt Regency, Hyatt Place, Fairfield by Marriott and Holiday Inn Express. As of March 31, 2023 the company held a portfolio of 4,801 keys across 31 operating hotels spread over 14 of India's key urban consumption centers, with additional hotels under development and a further set of keys added through an acquisition completed in August 2023. The company had, by then, built one of the larger branded hotel inventories in the country through a mix of organic development and acquisitions of operating assets. The business is capital intensive, and the company carried significant debt built up over its acquisition and development phase, which left it with a negative net worth and continuing net losses in the years leading up to the offer even as revenue grew strongly through the post pandemic recovery in travel and hospitality demand. The initial public offer combined a fresh issue and an offer for sale, with the fresh issue proceeds earmarked mainly toward repaying or prepaying borrowings, reflecting a deleveraging objective alongside continued portfolio growth.

Ahead of the offer the company raised approximately Rs 616.54 crore from anchor investors at the cap price of Rs 126 per share, with participation from marquee institutional names including the Government of Singapore, the Monetary Authority of Singapore, CLSA Global Markets, SBI Mutual Fund, ICICI Prudential, Aditya Birla Sun Life Trustee, Nuvama and Edelweiss, among others.