Byke hospitality – Truly asset light?

Kind of following Byke from last 2 years but gave it a pass due to high PE in high capex industry. Over the years price has been stable and P/E corrected. In my opinion,
1. Liked the business model of selecting heritage sites for hotel business where customers are kind of not impacted by recession etc.
2. Presence in metros in less which is advantage of having less lease costs.
3. Asset light model through room chartering and leasing.
4. Seems like they can replicate the so far success story to other cities ( read the similar kind of hotel business from One Up)

Threats/questions

1. Time taken for the incremental growth? Lead time to execute the expansion as per the plan?
2. How long the growth phase continue? when the growth stops what would be the ideal PE considering high capex business?
3. Cash flows are less and dividend payout is very less.

Discl: Entered at Rs: 152 – 3% of PF.