Chalet Hotels Ltd.

“Chalet Hotels is a leveraged Indian hotel asset owner with genuine location advantages in BKC, Whitefield, and HITEC City, but brand power belongs to Marriott, ROIC has been sub-13%, net debt of ~₹2,500 crore creates real downside vulnerability, and the current ~25x EV/EBITDA valuation at 5x book leaves no margin of safety — the realistic 10-year return of 4–10% CAGR is inadequate compensation for the leverage and execution risk embedded in the thesis.”