| 1 | BTG Hotels (Group) Co., Ltd. (600258.SS) | 10/10 | 4.3x |
| 2 | SQUEEZE Inc. (558A.T) | 10/10 | 28.3x |
| 3 | InterContinental Hotels Group PLC (IHG.L) | 9/10 | 29.9x |
| 4 | H World Group Ltd (HTHT) | 9/10 | 11.1x |
| 5 | Atour Lifestyle Holdings Limited (ATAT) | 9/10 | 2.5x |
| 6 | Fujita Kanko Inc. (9722.T) | 9/10 | 19.3x |
| 7 | Greens Co.,Ltd. (6547.T) | 9/10 | 5.0x |
| 8 | H World Group Limited (1179.HK) | 9/10 | 12.1x |
| 9 | Transmetro Corporation Limited (TCO.AX) | 8/10 | 9.2x |
| 10 | Shangri-La Hotel Public Company Limited (SHANG.BK) | 8/10 | 11.7x |
| 11 | Robust Hotels Limited (RHL.NS) | 8/10 | 6.8x |
| 12 | Centurion Corporation Limited (OU8.SI) | 8/10 | 8.1x |
| 13 | Oriental Hotels Limited (ORIENTHOT.NS) | 8/10 | 27.2x |
| 14 | Marriott International Inc (MAR) | 8/10 | 36.3x |
| 15 | Lemon Tree Hotels Limited (LEMONTREE.NS) | 8/10 | 20.6x |
| 16 | India Tourism Development Corporation Limited (ITDC.NS) | 8/10 | 98.7x |
| 17 | InterContinental Hotels Group PLC (IHG) | 8/10 | 29.0x |
| 18 | Hilton Worldwide Holdings Inc (HLT) | 8/10 | 42.2x |
| 19 | Chalet Hotels Limited (CHALET.NS) | 8/10 | 27.1x |
| 20 | HL Global Enterprises Limited (AVX.SI) | 8/10 | 13.8x |
| 21 | Asian Hotels (West) Limited (AHLWEST.NS) | 8/10 | 4.2x |
| 22 | Accor SA (AC.PA) | 8/10 | 18.3x |
| 23 | Jiangsu Tianmu Lake Tourism Co.,Ltd (603136.SS) | 8/10 | 16.1x |
| 24 | Washington Hotel Corporation (4691.T) | 8/10 | 8.1x |
| 25 | My Humble House Hospitality Management Consulting Co., Ltd. (2739.TW) | 8/10 | 2.1x |
| 26 | Formosa International Hotels Corporation (2707.TW) | 8/10 | 10.2x |
| 27 | Leofoo Development Co., Ltd. (2705.TW) | 8/10 | 6.9x |
| 28 | ITC Properties Group Limited (0199.HK) | 8/10 | 13.1x |
| 29 | LiJiang YuLong Tourism Co., LTD. (002033.SZ) | 8/10 | 18.8x |
| 30 | Tek-Art Insaat Ticaret Turizm Sanayi ve Yatirimlar Anonim Sirketi (TEKTU.IS) | 7/10 | n.d. |
| 31 | Southern Sun Limited (SSU.JO) | 7/10 | 19.6x |
| 32 | PT Hotel Sahid Jaya International Tbk (SHID.JK) | 7/10 | n.d. |
| 33 | OHTL Public Company Limited (OHTL.BK) | 7/10 | 8.3x |
| 34 | Société Hôtelière et Immobilière de Nice S.A. (MLHIN.PA) | 7/10 | n.d. |
| 35 | InterGroup Corp (INTG) | 7/10 | 18.2x |
| 36 | The Erawan Group Public Company Limited (ERW.BK) | 7/10 | 14.0x |
| 37 | Bound and Beyond Public Company Limited (BEYOND.BK) | 7/10 | 3.3x |
| 38 | Kyoritsu Maintenance Co., Ltd. (9616.T) | 7/10 | 39.4x |
| 39 | Huangshan Tourism Development Co.,Ltd. (900942.SS) | 7/10 | 22.8x |
| 40 | Shanghai Jin Jiang International Hotels Co., Ltd. (900934.SS) | 7/10 | 7.2x |
| 41 | Shanghai Jinjiang International Travel Co., Ltd. (900929.SS) | 7/10 | n.d. |
| 42 | Shanghai Jin Jiang International Hotels Co., Ltd. (600754.SS) | 7/10 | 13.2x |
| 43 | China Cyts Tours Holding Co., Ltd. (600138.SS) | 7/10 | 6.1x |
| 44 | Huangshan Tourism Development Co.,Ltd. (600054.SS) | 7/10 | 54.4x |
| 45 | Makkah Construction and Development Company (4100.SR) | 7/10 | 46.7x |
| 46 | S.A.I. Leisure Group Company Limited (1832.HK) | 7/10 | n.d. |
| 47 | The Hongkong and Shanghai Hotels, Limited (0045.HK) | 7/10 | 8.3x |
| 48 | Viceroy Hotels Limited (VHLTD.NS) | 6/9 | n.d. |
| 49 | Whitbread plc (WTB.L) | 6/10 | 81.7x |
| 50 | Wyndham Hotels & Resorts Inc (WH) | 6/10 | 20.0x |
| 51 | Wall Financial Corporation (WFC.TO) | 6/10 | 17.9x |
| 52 | Ventive Hospitality Limited (VENTIVE.NS) | 6/10 | 17.8x |
| 53 | Leela Palaces Hotels & Resorts Limited (THELEELA.NS) | 6/10 | 66.3x |
| 54 | Sinclairs Hotels Limited (SINCLAIR.NS) | 6/10 | 21.0x |
| 55 | PPHE Hotel Group Limited (PPH.L) | 6/10 | 13.6x |
| 56 | Apeejay Surrendra Park Hotels Limited (PARKHOTELS.NS) | 6/10 | n.d. |
| 57 | PT Olympus Strategic Indonesia Tbk (NATO.JK) | 6/10 | 2857.1x |
| 58 | Hotelim Société Anonyme (MLHOT.PA) | 6/10 | 28.0x |
| 59 | Meliá Hotels International, S.A. (MEL.MC) | 6/10 | 6.5x |
| 60 | Marmaris Altinyunus Turistik Tesisler A.S. (MAALT.IS) | 6/10 | n.d. |