We initiate coverage of Brigade Hotel Ventures Ltd. (BHVL) with a BUY rating and a target price of INR117, based on 18x Sep’27E EV/EBITDA for operational hotels and 1x capital WIP for assets opening beyond FY28E adjusted for incremental debt. BHVL, a subsidiary of the listed Brigade Enterprises Ltd. (BRGD), is an owner and developer of hotels in key cities in India, primarily across south India.