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Bay Street Hospitality

Transforming hospitality businesses Investment fund | Strategic capital + expertise

02/07/2026

Last meeting of my Bangalore trip with some of my favorite people :)
Great to see everyone!

𝗧𝗵𝗲 𝗰𝗲𝗻𝘁𝗲𝗿 𝗼𝗳 𝗴𝗿𝗮𝘃𝗶𝘁𝘆 𝗶𝗻 𝗵𝗼𝘀𝗽𝗶𝘁𝗮𝗹𝗶𝘁𝘆 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗶𝘀 𝗾𝘂𝗶𝗲𝘁𝗹𝘆 𝗺𝗼𝘃𝗶𝗻𝗴 𝘁𝗼𝘄𝗮𝗿𝗱 𝗜𝗻𝗱𝗶𝗮, 𝗮𝗻𝗱 𝗺𝗼𝘀𝘁 𝗪𝗲𝘀𝘁𝗲𝗿𝗻 𝗮𝗹𝗹𝗼𝗰𝗮𝘁𝗼𝗿𝘀 𝗮𝗿𝗲 𝘀𝘁𝗶𝗹𝗹 𝘂𝗻𝗱𝗲𝗿𝘄𝗲𝗶𝗴𝗵𝘁.

The signals line up. Global operators reprioritizing India over China. Branded ADR up 8.6% into a 144,000-room pipeline without breaking occupancy. Local partners who control the land actually picking up the phone.

A market doesn't stay this mispriced once the institutional money fully arrives. Right now, it hasn't.

We're underwriting several India opportunities, including a few airport-adjacent assets which is how I got started in India to begin with!

01/07/2026

Finishing a meeting with the Tamara team in Bangalore! Samir MC thank you again for the time and your willingness to work together. I love your vision!!!

Tamara built its name the hard way. Owned, operated, internally funded, one carefully chosen location at a time. Think a 56-key resort set inside a 180-acre coffee plantation in Coorg. There's no comp set for a property like that. There's no second one either!

30/06/2026

Finishing a meeting with Olive Hospitality in Bangalore! Kahraman Yigit Dhruv Kalro

Most of the India hotel conversation is about brands and rooms. I spend just as much time olive. Can the operator layer because in an asset-light market, the operator is what stands between a good basis and a great return.

𝗬𝗼𝘂 𝗰𝗮𝗻 𝘂𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗲 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘁𝘄𝗼 𝘄𝗮𝘆𝘀 𝗮𝗻𝗱 𝗹𝗮𝗻𝗱 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗽𝗲𝗿𝗰𝗲𝗻𝘁𝗮𝗴𝗲 𝗽𝗼𝗶𝗻𝘁𝘀 𝗮𝗽𝗮𝗿𝘁 𝗼𝗻 𝘆𝗶𝗲𝗹𝗱, 𝗽𝘂𝗿𝗲𝗹𝘆 𝗼𝗻 𝘄𝗵𝗼'𝘀 𝗿𝘂𝗻𝗻𝗶𝗻𝗴 𝗶𝘁.

The asset-light model shift: India's branded hotel pipeline as of 2024 was ~65% management contracts (vs. owned), up from ~45% a decade ago, the operator layer is increasingly where the real margin lives.

29/06/2026

Finishing a meeting with Bharathi Group in Bangalore! Arun Bharathi Arunachalam

A pattern keeps repeating on this trip: the groups worth partnering with in India aren't the ones with the slickest decks. They're the ones who've quietly accumulated land and relationships in the right corridors over decades.

In Indian hospitality, land typically represents 30–50% of total project cost in tier-1 cities; families who acquired it decades ago have a structural cost advantage that no new entrant can replicate.

28/06/2026

Finishing a meeting with UV Capital and the team at Prestige Group in Bangalore! Shashank Mathur, Ajaykumar, ZaydNoaman!

I think Bangalore could be one of the misread hotel markets in India. It holds the largest branded room inventory in the country(~35,000+), more than Mumbai(~28,000) or Delhi(~30,000), so at first thought you may think its oversupply.

But i𝘁 𝘀𝘁𝗶𝗹𝗹 𝗽𝗼𝘀𝘁𝗲𝗱 𝘁𝗵𝗲 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗥𝗲𝘃𝗣𝗔𝗥 𝗴𝗿𝗼𝘄𝘁𝗵 𝗼𝗳 𝗮𝗻𝘆 𝗺𝗮𝗷𝗼𝗿 𝗜𝗻𝗱𝗶𝗮𝗻 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻 𝟮𝟬𝟮𝟱, 𝗼𝗻 𝗿𝗮𝘁𝗲(crossed ₹8,000+) 𝗔𝗡𝗗 𝗼𝗰𝗰𝘂𝗽𝗮𝗻𝗰𝘆 (above 72–74%) 𝗮𝘁 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘁𝗶𝗺𝗲. 𝗧𝗵𝗮𝘁 𝗶𝘀𝗻'𝘁 𝘀𝘂𝗽𝗽𝗼𝘀𝗲𝗱 𝘁𝗼 𝗵𝗮𝗽𝗽𝗲𝗻 𝗶𝗻 𝗮𝗻 𝗼𝘃𝗲𝗿𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗱 𝗺𝗮𝗿𝗸𝗲𝘁.Bangalore beat both metrics simultaneously, signaling genuine demand absorption.

27/06/2026

Met up with Shaaz Thanks D. Kyle Miller for the introduction!

26/06/2026

Bangalore Legends!

25/06/2026

Glad to catch up with Manas and Akshay and discuss upcoming pan-India developements with Hyatt!

Hyatt runs 55 hotels in India today with 91 more in the pipeline, and just named India its top priority market in Asia Pacific ahead of China.

𝗪𝗵𝗲𝗻 𝗮 𝗴𝗹𝗼𝗯𝗮𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗼𝗿 𝗺𝗼𝘃𝗲𝘀 𝗶𝘁𝘀 𝗴𝗿𝗼𝘄𝘁𝗵 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗳𝗿𝗼𝗺 𝗖𝗵𝗶𝗻𝗮 𝘁𝗼 𝗜𝗻𝗱𝗶𝗮, 𝘁𝗵𝗮𝘁'𝘀 𝗻𝗼𝘁 𝗮 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻. 𝗧𝗵𝗮𝘁'𝘀 𝗮 𝗿𝗲𝗮𝗱 𝗼𝗻 𝘄𝗵𝗲𝗿𝗲 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝗱𝗲𝗰𝗮𝗱𝗲 𝗼𝗳 𝗿𝗼𝗼𝗺-𝗻𝗶𝗴𝗵𝘁 𝗱𝗲𝗺𝗮𝗻𝗱 𝗴𝗲𝘁𝘀 𝗰𝗿𝗲𝗮𝘁𝗲𝗱.

India added 19,000 branded rooms in 2025 and still has a 144,000-room pipeline yet occupancy held in the mid-60s and ADR grew 8.6%. Supply at that scale usually crushes rate. It isn't. That tells you demand is outrunning development.

With a record pipeline of 151,000+ rooms, an asset-light growth model and a sharp focus on luxury, lifestyle and resort destinations, Hyatt is positioning itself at the intersection of hospitality, real estate and long-term value creation.

More to Come!

24/06/2026

Great Dinner at Ban Lan Hokkien Cuisine @ Scotts Square!
Thank you KC for the invite.

Wonderful to meet everyone!

10/06/2026

After the conference in Singapore, technically, I followed David Rubenstein to Hong Kong. lol

Quick day trip in and out, but HK is one of my favorite cities! I love how old and new it is at the same time. It’s like layer on layer of demand stacked into almost no land.

𝗪𝗵𝗲𝗻 𝘆𝗼𝘂 𝗰𝗮𝗻'𝘁 𝗯𝘂𝗶𝗹𝗱 𝗼𝘂𝘁, 𝘆𝗼𝘂 𝗯𝘂𝗶𝗹𝗱 𝘂𝗽, 𝗮𝗻𝗱 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗽𝗼𝘄𝗲𝗿 𝗮𝗰𝗰𝗿𝘂𝗲𝘀 𝘁𝗼 𝘄𝗵𝗼𝗲𝘃𝗲𝗿 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗵𝗼𝗹𝗱𝘀 𝘁𝗵𝗲 asset.

Chris Shen and I put on an epic lunch for LPs in our network his (and now one of my) favorite restaurant @ Mott32

Hong Kong & the student housing conversion story is still a compelling hospitality opportunity.

Address

Singapore

Website

https://www.baystreethospitality.com/

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