It was sometime in 2006, when I first visited Bangalore, and went to meet a friend at Leela Palace. I was in awe of the property – it was grand, and amazingly beautiful. On enquiring, I got to know that the hotel was one of the most expensive locations in India and was still completely booked for the next few months.
The story was same everywhere – most of Leela’s properties were booked for months, despite their premium pricing.
“What an amazing business!” I told myself. “Just imagine the kind of profits these guys must be making. I must have this stock in my portfolio!”
The next day, without trying to know more about the economics of the hotel industry and Leela’s business and financial performance, I bought the stock, expecting it to be a story that was waiting to be unveiled.
Well, it was indeed a story waiting to be unveiled…and for me!
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