Lemon Tree Hotels signs new franchise agreement for an upcoming hotel in Gujarat

 

Lemon Tree Hotels Limited shares were trading 2% high during the early trading hours on 18 October after the company announced signing a franchise agreement for an upcoming hotel in Vadodara, Gujarat, under its brand name keys Select by Lemon Tree Hotels.

In its exchange filing, the company said that the hotel will feature 45 well-appointed rooms, a banquet hall, a restaurant, a fitness centre, a meeting room, a lounge, and other public amenities and areas. The hotel is said to be operational by FY26.

Kapil Sharma, Vice President of Lemon Tree, said, “We are pleased to expand our presence in Gujarat with our valued partner Gajananay Hospitality, a Partnership Firm. This will be in addition to our 6 existing and 5 upcoming hotels and resorts in the state, and we are planning to expand our footprint in Gujarat further.”

On 17 October, the hospitality major signed a licence deal for a 55-room property in Dehradun, Uttarakhand. The property is expected to be operational by FY27 and will be managed by Carnation Hotels Private Ltd, a wholly-owned subsidiary and management arm of Lemon Tree Hotels.

The company is one of the largest hotel chains in India on the basis of controlling interest in owned and leased rooms, the largest in the mid-market hotel sector, and the sixth largest by consolidated inventory.

The company’s revenue increased by 117.53 % from 402.24 crore in FY22 to 874.99 crore in FY23, accompanied by a decreasing loss of 137.36 crore to profit of 140.54 Cr.

At 12:47 pm, Lemon Tree Hotels shares have shredded all their earlier gains and are trading in the negative at Rs 120.65 or 1.15% below its previous close on NSE.

Lemon Tree Shares Gains 2% on its Latest Deal in Gujarat

ABOUT LEMON TREE

Lemon Tree Hotels Ltd is largest mid-priced and the third largest overall hotel chain in India. It operate in the upscale segment and in the mid-priced sector, consisting of the upper-midscale, midscale and economy segments. It delivers differentiated yet superior service offerings, with a value-for-money proposition.

 

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