We initiate coverage on SAMHI Hotels with a BUY rating and expect it to be the key beneficiary of industry upcycle. We believe SAMHI has promising growth prospects based on following factors: 1) Presence in key metro markets with incremental capacity addition 2) Proven track record of asset turnaround 3) GIC Investment opens up more avenues for growth in upscale and above segment 4) Large investible surplus to be generated via robust FCF, which will accelerate growth 5) Strong re-rating potential due to significant valuation discount to peers. We pencil in Revenue/ EBITDA/PAT CAGR of +14%/+19%/+57% over FY25-28E and value the company at Jun’27 EV/EBITDA multiple of 15x, arriving at TP of Rs 305. Initiate with BUY!