We initiate coverage on Indian Hotels Company Ltd. (IHCL) with a BUY and TP of Rs189, valuing core business at 20x EV/EBITDA on FY21E and investment in JVs (Taj GVK and Oriental Hotels) on current market capitalization. We like IHCL in domestic hospitality space considering 1) its diverse portfolio offerings across key cities in India, 2) robust expansion plan, mostly through management contract route, 3) well strategized Aspiration 2022' for inventory expansion, debt reduction and operating margin improvement, 4) strategic partnership with GIC to acquire premium hotel assets in the domestic market, 5) repositioning of Ginger brand to drive higher sales growth and...