Asian Hotels North: 507 Rooms, ₹304 Cr “Other Income”, and a ROE That’s Still on Vacation

1. At a Glance

Asian Hotels (North) owns the Hyatt Regency Delhi — a 5-star property with 507 rooms — plus side gigs in real estate and power generation. The stock is up 67% in a year, but not because of booming room service bills. FY25 profits were boosted by a ₹304 Cr “other income” windfall, masking a decade-long battle with debt, negative ROE, and patchy profitability.

2. Introduction

Incorporated in 1982, Asian Hotels (North) started with hospitality dreams and a flagship asset that remains its crown jewel. Over time, the group diversified into real estate and power — the sort of unrelated ventures you see when management gets bored of just running hotels.

But behind the chandeliers and banquet halls is a balance sheet that’s been to financial rehab more times than a Bollywood star’s liver. Years of high interest costs and fluctuating occupancy have kept ROE negative for the past decade.

3. Business Model (WTF Do They Even Do?)

Revenue streams:

• Hospitality: Hyatt Regency Delhi — room bookings, F&B, events.
• Real Estate: Land and property development via subsidiaries (new AHNL Realty Pvt Ltd formed Aug 2025).
• Power Generation: Small-scale captive