Hotel industry is in an upturn amid muted supply growth ............................................ 7 Strategically located portfolio in key commercial hubs ................................................. 8 New room supply CAGR at 4.7% over FY24-29E in key markets............................... 9 Strong brand equity via global partnerships ...................................................................... 10 Proven track record in turnaround-led acquisitions ........................................................ 11 Portfolio pivot towards premiumization to aid revenue & margins ......................... 13 Twin buyouts in Bengaluru to aid inventory growth ...................................................... 15 Capital-efficient inorganic expansion in Hyderabad market ...................................... 16...