I have summarized below a few key concepts on Byke hospitality. Some info are from a recent Phillip capitals report on management meet(not sure about sharing it,press releases, articles .
A average business:
Average properties, average user reviews, nil brand awareness , limited operating history is in stark contrast to its high occupancy ratios , high asset turnover ratios, frugal debt to equity (0.2),high growth rate. Its ratios are superior to that of established branded hospitality players.
How is it able to achieve it?
• One obvious answer is of course its room chartering business. But that forms only 50% of the sales . Its occupancy ratios, rents are high for its owned/leased hotels business too.
• The other answer for its high growth rate is its low base and steady acquisition of properties on lease. But this doesn't answer the high occupancy ratio, higher increase in cash flow% compared to growth in number of rooms.
The answer is in the MICE (meetings, incentives , conventions, exhibitions) segment. In recent years hotel chains have been focusing on MICE as a source of steady cash flow during lean periods.MICE also includes weddings 
 A recent DNA article on the wedding business
 Hindu businessline article on Weddings
In bykes case its the Wedding business.
Byke hosted 50 weddings in one of its Goa property in 2014. It provides banqueting services ,beverages,bulk room bookings for the attending guests, decorations etc. While weddings is a one day event its associated celebrations take it to 2-3 days.
Byke in Jaipur has 3 conference halls, 3 banquet halls
Byke in Matheran has 2 conference halls, 1 banquet hall , 1 restaurant
Bykes recent hotel acquisition in Thane has 3 conference Halls and 3 banquet halls/restaurants, 122 rooms. Its set to start operations from this quarter. This acquisition too focuses on MICE/weddings.
Byke puri was recently added. It does not mention any hall facility. But in a press release , the reason for acquisition was Puri as a religious wedding destination centre.
Its revenue break up over the years shows a clear focus on this segment.
Increase in Revenue contribution from 2012-2015 :
•Wedding services- 10 times increase
•F & B - 4 times increase
•Rooms - 3 times increase.
While the room revenues, F&B may still appear to contribute the bulk. It includes the bulk room bookings associated with wedding ( Goa being a destination wedding center) and F&B contribution in weddings.
Only Vegetarian foods offered :
The reason provided was to focus on domestic tourism. Focus on Weddings could be the case .
Execution risks :
Organising weddings smoothly is no easy business. It remains to be seen if they can replicate it in Thane too.
My Take :
Its average properties & reviews in public forums are a real dampener. But less than 20% of Bykes total income comes from this leisure tourist room segment. While its way past prime properties may not attract or satisfy the aspiring leisure tourist , its great locations are a ideal spot for weddings and celebrations.
Its a average business still bcoz of its old properties. But its " Sticky" average business because of its wedding. It doesn't or cannot cater to the luxury segment. But its mid market stature ensures a recession free status. It will continue to show good growth in top & bottom line with good cash flows.
Disclosure - Invested 3% of portfolio.
Please share your views, any info on this.In south the wedding events are still conducted in community marriage halls. It would be helpful to know about trends in the west and north Indian weddings first hand.