Samhi Hotels – Turnaround with Tailwinds

Good point.

My concerns with Samhi are primarily two.

1. This will remain a capital intensive business. To grow they need to bring in new properties. As a result debt will continue to be high.

2. Where are we in the cycle for hotels? They have been having good run post COVID. While Samhi is in primarily business segment, as the profitability of companies take a hit (we witnessed muted growth in Q2 across many companies), business travel will be the first one to be curbed.