The PE of Indian Hotel will be the bar. Hospitality is a cyclical sector and finally the cycles will play out but right now this is more of an execution stock rather then the PE stock so present year PE might look fancy also for small mkt cap companies PE does not matter.

Interesting computation but Hotels make money from dining, banquet hall etc still this seems to be a tall order.

No idea but as a business model managing hotels is a non capex initiative and hence better.

As per the article of dnaindia,

 By 2010, the new inventory will place Viceroy among the top five hotel chains in the country, making it perhaps the only one to be present across segments and geographical regions, said Ravi Krishnan, vice-president, VHL.