Higher cost at new hotels impacts EBITDA growth momentum: ARR during 4QFY19 grew 4% YoY (to INR4,405) with occupancy improvement of 32bp to 77.6% (on same hotel basis, occupancy improved 330bp to 80.7%). This, along with new hotels led to 14% revenue growth. However, recently launched LTP (Pune)/RFH (Dehradun) operating at ~33%/~50% occupancy in FY19 dragged EBITDA growth; operational expenses grew 8.3% of which 8% was due to commencement of new hotels. In FY19, ARR grew 7.3% YoY to INR4,180 with occupancy improvement of 48bp to 76.3%....