The St. Regis (Palladium) hotel clocked Q1FY18 occupancy of 72% (up 1,100bps YoY) with ARR growing 8% YoY to Rs10,779 and operating EBITDA up 33% YoY to Rs223mn. We retain our TP for PHNX at Rs483 based on 1x FY18E NAV based on an 8% cap rate...