Healthy room growth, geographic diversion and improving mix of keys in demand dense higher ARR markets to drive strong growth. Led by the above factors, EBITDA is set to triple over FY19-23E from Rs 1.7bn to ~Rs 5bn. That said LTHL's rich valuation at 30/24 x FY20/21E EV/EBITDA leaves limited margin of safety. Valuation would look more expensive on proportionate ownership basis in subsidiaries (~75%). Lemon Trees (LT) 4QFY19 performance was in-line but weak with moderate 4% ARR growth. Reiterate Neutral with TP of Rs 72 (30x FY21E EV/EBITDA).