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economictimes.indiatimes.com / 1 year ago
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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Grand Continent Hotels shares to debut on BSE SME platform today. Here's what GMP indicates
Grand Continent Hotels will debut on the NSE SME platform on Thursday. Ahead of the listing, the GMP, at Rs 0, is not very inspiring for investors. The IPO, which was completely a fresh equity sale of 66 lakh shares, was subscribed just over 1x.
The proceeds will be used for repayment of debt, expansion of hotel properties in India and other general corporate purposes.
Grand Continent Hotels: Business overview
The company operates in the mid-scale hotel sector, which includes upper-mid priced, mid-priced, and economy hotel segments. It focuses on serving Indian middle-class guests and business travelers by offering comfortable and affordable accommodations.
As of September 30, 2024, the company, along with its joint venture partner entities, has 16 operational hotels with a total of 753 rooms across Karnataka (Bengaluru, Mysuru), Tamil Nadu (Hosur), Goa (Anjuna, Morjim), Andhra Pradesh (Tirupati), and Telangana (Secunderabad).
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Occupancy rates
The company's overall occupancy rate was 67.69% for the six months ending September 30, 2024. It reported an occupancy rate of 71.98% in FY24, 73.92% in FY 2023, and 61.04% in FY22.
According to Ken Research, mid-scale hotels typically take 12 to 18 months to reach stable occupancy levels of 60-70%, depending on factors such as location, demand, brand affiliation, seasonality, and marketing strategies. In prime locations with a strong guest experience, this stabilization period can be as short as 6 to 12 months.
Excluding properties with less than six
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