Viceroy Hotels Q1 FY27: Occupancy Surge, Renovation Drag on Rates

Total income was 45.19 crore, EBITDA was 11.79 crore (about 26.3% margin), and PAT was 1.45 crore versus a loss in Q1 FY26.

Management attributed ADR decline to seasonality, normalization of inventory after Courtyard renovation, convention centre being offline, and reduced foreign demand due to geopolitical tensions.

It is part of Phase 2, taken offline from early April. Management guided completion in FY27 and indicated a target by December of the current financial year.

ADR was 13,342, occupancy was 94%, and RevPAR was 12,519, with room revenue of 8.54 crore and F and B revenue of 3.27 crore in Q1 FY27.

Management said approvals are in process and should be received in 2026, construction is expected to start in Q4 of the current financial year, and the hotel is targeted to be operational in FY29 to FY30.

Management stated total debt of about 220 crore standalone and 259 crore consolidated; net debt about 180 crore standalone and 220 crore consolidated; blended interest rate about 8.7%.

Management stated Marriott takes about 1% to 1.5% of total revenue and about 6% to 7% of gross operating profit, with no further uptick expected for existing hotels beyond the initial years.