Viceroy Hotels · risk themes across the available quarters.
Bear-case history
Nine-month revenue declined 2.7% YoY to 94.5 crore from 97.1 crore due to ongoing renovation disruptions at Courtyard and upcoming Marriott refurbishment, with the 295-room Marriott upgrade requiring careful phasing to protect revenues.
The newly acquired Marriott Executive Apartments (75 keys) depends on sustained demand from GCCs and corporate long-stay travelers; any slowdown in corporate travel or pharma/IT sector could impact the extended-stay occupancy assumptions.
Analyst raised questions about timeline and deployment of remaining 70 crore capex across convention expansion, room refurbishment, and Phase 3 upgrades—spanning multiple phases through December 2026 and beyond—carrying execution and cost overrun risks.
While management claims no competing property has 500+ rooms with 20,000 sq ft convention space, competitive responses to their expanded MICE offering could pressure ADR and occupancy assumptions in the medium term.