In the medium term, the JV could potentially add between Rs 6-14/sh to IHCL (4-10% of CMP). IHCL is our preferred pick in hospitality space. Reiterate BUY with TP of Rs 176 (20x FY21E EV/E). Indian Hotels (IHCL) has entered into a strategic partnership with Singapores sovereign wealth fund GIC for expansion with potential investments of Rs 40bn ($600 mn) over three years. We see this partnership as significantly positive for IHCL from strategic perspective and even on financial standpoint but with a lag. IHCL is in a win-win position with benefits of earning management fees from the properties acquired by SPVs, growth acceleration as acquired distressed properties turnaround and capital upside on exit.