Lemon Tree shares gain 2% on the back of Udaipur property licence deal

The hotel is expected to be operational by Q4 FY2024.

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The share price of Lemon Tree Hotels edged up 2 percent in early trade on July 5 after the company signed a licence agreement for a 48-room property in Udaipur, Rajasthan, under the company’s brand ‘Keys Select by Lemon Tree Hotels’.

The hotel is expected to be operational by the fourth quarter of FY2024.

This hotel will feature 48 well-appointed rooms, banquet facilities, a restaurant, a bar, meeting rooms, a banquet hall, a fitness center and other public areas.

Carnation Hotels Private Limited, a wholly owned subsidiary and the hotel management arm of the company, will be operating this hotel.

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“We are excited to partner with Mahaveer Trading for the signing of our newest hotel in Udaipur, a city renowned for its rich heritage and captivating beauty. This addition expands our portfolio in the city which already has Aurika, Udaipur. Rajasthan has six operational and three upcoming properties in the state, aside from this one. The aimis to meet the evolving needs of different kinds of travellers,” Mahesh Aiyer, CEO of Carnation Hotels Private Limited, said.

The company has executed securities purchase agreement (SPA) for acquisition of Compulsorily Convertible Preference Shares (CCPS) with APG Strategic Real Estate Pool N.V and Fleur Hotels Private Limited on July 3, 2023.

In terms of the SPA, the company shall complete the acquisition of CCPS on or before July 30.

Lemon Tree Hotels Limited (LTHL) is one of the largest hotel chains in India on the basis of controlling interest in owned and leased rooms, the sixth largest by consolidated inventory, and the largest in the mid-market hotel sector.

LTHL opened its first hotel with 49 rooms in May 2004 and currently operates 8,550 rooms in 91 hotels across 57 destinations.

At 9:32am, Lemon Tree Hotels was quoting at Rs 93.85, up Rs 0.90, or 0.97 percent, on the BSE.

The share touched a 52-week high of Rs 103.30 and a 52-week low of Rs 59.75 on 01 December, 2022 and 04 July, 2022, respectively. It is trading 9.15 percent below its 52-week high and 57.07 percent above its 52-week low.