Lemon Tree Hotels gains 2% on signing deal for 60-room property in Andhra

The share touched a 52-week high of Rs 103.30 on December 1, 2022 and a 52-week low of Rs 58.30 on June 20, 2022

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Lemon Tree Hotels share price gained 2 percent in the early trade on June 8 after the hotel chain signed a licence agreement for a 60-room property in Andhra Pradesh.

The property in Rajamundry, which will operate under the Lemon Tree Hotel brand, is expected to be in business by the third quarter of FY25. Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the company, will operate the porperty, which will also have a restaurant, a banquet hall, meeting rooms, a swimming pool, a gym and other public areas, the company said.

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Earlier this month, Lemon Tree announced the opening of Lemon Tree Hotels in Agra and Bhopal.

At 9.32 am, Lemon Tree Hotels was quoting at Rs 94.34, up Rs 1.59, or 1.71 percent on the BSE. The share touched a 52-week high of Rs 103.30 and a 52-week low of Rs 58.30 on December 1, 2022 and June 20, 2022.

It is trading 8.67 percent below its 52-week high and 61.82 percent above its 52-week low.

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