MERGER & ACQUISITION
Acquiring 100% of Innmar-Tourism and Hotels Pvt Ltd for an EV of INR 205 Cr. Company owns an operating hotel with 142 rooms in Whitefield, Bangalore along with surplus land for development of an additional 200-220 rooms in the Upper Upscale segment. The company did a turnover of 24 Cr in Fy24 & Fy23.
Valuation: The acquisition has taken place at a EV/S of 8.5x. Currently SAMHI is trading at EV of 6300 with 957Cr sales in Fy24, hence implied EV/Sales is 6.6x.
The revenue per key for the Innmar in Fy24 is 17.5 lakhs. For an upper upscale segment it seems to be quite low for a hotel located at one of the major city. In contrast the upper upscale revenue per keys for SAMHI portfolio of same category is ~39 lakhs. One probability for low rev is maybe the hotel is upper mid scale category, in a similar case Samhi has ~20lakh rev per keys.
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