Chalet’s hotels last decades. Kimbell’s oil wells don’t.

Been reading through two different companies in India and the US, and the stark similarity in their business models caught my attention: they both own assets without doing most of the ops work!

Chalet Hotels owns ~3,400 hotel rooms in its portfolio, with Marriott and Accor running most of them. It keeps roughly 47% of revenue, and the hotels can keep earning and getting more valuable for decades.

Kimbell Royalty Partners owns mineral rights across ~17 million US acres. Oil companies fund the drilling, while Kimbell collects roughly 80 cents of every dollar. But wells decline 60-70% in year one, so Kimbell has to keep buying new acreage just to stay in place. Hence, it paid out 75% of its cash last quarter while announcing over $360m of acquisitions in 90 days.

Chalet’s hotels last decades. Kimbell’s oil wells don’t.

Both own the asset and let someone else run it. The difference is how fast the asset wears out.

Chalet Q1 FY27 results; Kimbell Q2 2026 results · Quarter to June 2026

Kimbell paid out 75% of its Q2 cash and kept 25% to repay debt

The acquisitions do not come out of this cash. Of the $367m closed from June to August, $248m was paid in new units.

Kimbell Royalty Partners, Q2 2026 results · Q2 2026

Marriott and Accor run 91% of Chalet’s 3,389 hotel rooms

Chalet owns the buildings and keeps the profit. The brands bring the guests and run the hotels, for a fee.

OPERATING HOTEL ROOMS (KEYS)

• Run by Marriott2,779 82.0%
• Run by Accor311 9.2%
• Run by Chalet itself299 8.8%

Chalet runs the 152-key Four Points by Sheraton in Navi Mumbai under a Marriott franchise, and its own 147-key Athiva Khandala. About 1,655 more keys are in the pipeline.

Chalet Hotels, Q1 FY27 investor presentation · 30 June 2026

Sources

• Chalet Hotels, Q1 FY27 results (BSE)
• Kimbell Royalty Partners, Q2 2026 results (SEC)